A sum of money at simple interest amounts to ₹550 in 3 years while in 5 years it amounts to ₹750. Find the sum and the rate of interest.

50% p.a. ; ₹200 40% p.a. ; ₹300 40% p.a. ; ₹250 50% p.a. ; ₹350

40% p.a. ; ₹250

Interest in 2 years = 750 - 550 = 200 Interest in 1 year = 100 Principal = 550 - (3 x 100)              = 550 - 300 = 250 rate = \(\frac{100}{250}\) x 100 = 40%