A sum of ₹2,400 gives a simple interest of ₹504 in 3 years. Find the rate of interest per annum.

6% 10% 5% 7%

7%

Simple Interest = \(\frac{Principal ×Rate × Time }{100}\) 504 = \(\frac{2400×Rate × 3 }{100}\) 168 =24 × Rate  Rate = 7%