At what rate of interest will a sum of Rs. 2700 amount to Rs. 4725 at simple interest for 15 years?
Answer & explanation
Correct answer: option 2
P = 2700
Amount = 4725
SI (15 years) = 4725 - 2700 = 2025
S.I. (1 year) = 135
Rate % = \(\frac{SI (1 year)}{Principal}\) × 100
= \(\frac{135}{2700}\) × 100 = 5%