Correct Answer - Option 1 : 16
\(\frac{2}{3}\)%
Given:
Amount = 3/2 of the sum
Time = 3 years
Formula used:
Simple interest = (P × R × T)/100
Amount = Principal + Interest
Calculation:
Let the sum of money be P
Amount after 3 years will be 3/2P
Now, by using the formula
3/2P – P = (PR × 3)/100
⇒ R = 50/3 = 16\(\frac{2}{3}\)%
∴ The rate of interest is 16\(\frac{2}{3}\)%.