# What will be the Rate of Interest?

A sum of money amounts to Rs. 9680 in 2 years and Rs 10648 in 3 years, The rate of interest per annum, is

- 5%
- 10%
- 15%
- 20%

**Answer; (2) 10%**

Let be the rate percent is R

Amount of two years = 9680

Amount of three years = 10648

Then, Interest = 10648 – 9680 = 968

And time = 3 – 2 = 1 year

According to question,

P = 9680, T = 1 year, SI = 968 and R =?

__Formula__

Simple Interest = (P x R x T)/100 where, P = Principle, R = Rate, T = Time

968 = (9680 x R x 1)/100

**R = 10% Ans.**

**Hence, the rate of interest per annum, is 10%.**