Question : The interest earned on INR 21,000 in 3 years at Simple Interest is INR 6,400. What is the rate of interest per annum?
Option 1: $10\frac{5}{63} \%$
Option 2: $10\frac{2}{63} \%$
Option 3: $10\frac{13}{63} \%$
Option 4: $10\frac{10}{63} \%$
Correct Answer: $10\frac{10}{63} \%$
Solution :
Interest amount = INR 6,400
Time of investment, $T$ = 3 years
Principal amount, $P$ = INR 21,000
Simple Interest = $\frac{\text{Principal×Rate×Time}}{100}$
⇒ $6400 = \frac{21000\times 3\times \text{Rate}}{100}$
⇒ $\text{Rate} = 10\frac{10}{63} \%$
Hence, the correct answer is $10\frac{10}{63} \%$.
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