What rate gives ₹500 as interest on a sum of ₹15000 in 2 years?
a) 5/3 % b) 2/3 % c) 5/4 % d) 4/3 %
b) 2/3 %
Interest = (Principal x Rate x Time) / 100
500 = (15000 x Rate x 2) / 100
1000 = 30000 x Rate
Rate = 1000 / 30000
Rate = 1/30
Rate = 3.33%
Therefore, the closest option is 2/3 %.