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A sum of Rs. 7250 gives interest of Rs. 2900 in 2 years in simple interest. Find the rate of interest per annum
1. 22%
2. 21%
3. 20%
4. 19%
5. 25%

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Correct Answer - Option 3 : 20%

Given:

Simple interest, SI = Rs. 2900

Principal = Rs. 7250

Time = 2 years

Concept used:

SI = PRT/100

P → principal, R → rate of interest, T → time of investement 

Calculation:

2900 = 7250 × r × 2/100 

r = 2900 × 100/(7250 × 2) = 20%

∴ The rate of interest is 20%.

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