Question

A sum of money becomes 7 times itself in 2 years at a certain rate of simple interest. Find the rate of interest per annum.

• A. 100%
• B. 10%
• C. 200%
• D. 300%

Hint:

For these problems, you can use the direct formula: $R = \frac{(n-1) \times 100}{T}$. Here, $R = \frac{(7-1) \times 100}{2} = \frac{600}{2} = 300\%$.

Answer 1

The Correct Option is D