Sahil borrowed Rs. 7200 from bank for some project at simple interest. After a period of 3 years, the amount will be Rs. 9576. What was the double of the rate of interest?
Answer & explanation
Correct answer: option 3
A = 9576, P 7200
SI for 3 years = 9576 - 7200 = 2376
SI for 1 year = 792
Rate = \(\frac{792}{7200}\) × 100% = 11%
double of rate = 22%