The interest earned on ₹15,000 in 3 years at simple interest is ₹5,400. Find the rate of interest per annum.
Answer & explanation
Correct answer: option 2
SI = \(\frac{ P ×R× T}{100}\)
5400 = \(\frac{ 15000 ×R× 3}{100}\)
R = 12%
The correct answer is option (2) : 12%