allery₹2000 earns ₹300 in simple interest over 3 years. The annual rate of interest is:
A5%
B6%
C15%
D10%
Answer & Solution
Correct answer: A. 5%
We have 300 = 2000 × R × 3/100 ⟹ R.
That is 300 = 300×100/6000.
So 300 = 5%.
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