Question

At what rate per cent per annum simple interest will₹66000 amount to₹72720 in two years?

Answer 1

Interest over 2 years = 72720-66000 =6720

Since this is simple interest , the interest rate in each year will be equal.

So interest in each year =3460

Since initial amount = 66000,
interest rate = (3460*100)/66000 =5.09%