Find Rate percent/annum, if Interest on Money is Given
Answer: (2) 12%
Simple Interest = 1 paisa per month
Let the rate of interest be R%.
Simple Interest = Principal x Time x Rate/100
Then, 1/100 = 1 x 1 x R/100 x 12
1 = R/12
R = 12%
Then, the rate percent of per annum is 10%.
Hence, the answer is (2) 12%.