A sum of ₹2,400 gives a simple interest of ₹504 in 3 years. Find the rate of interest per annum.
Answer & explanation
Correct answer: option 4
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
504 = \(\frac{2400×Rate × 3 }{100}\)
168 =24 × Rate
Rate = 7%