A sum of ₹ 2,000 earns ₹ 1,593.75 as simple interest in 4 years 3 months. Find the rate of interest per annum.
18.75%
Convert the time period to years: 4 years 3 months equals \(4 + \frac{3}{12} = 4.25\) years.
The rate of interest is found using \(R = \frac{SI \times 100}{P \times T}\).
\(R = \frac{1593.75 \times 100}{2000 \times 4.25} = 18.75\%\)
Hence, the rate of interest per annum is 18.75%.
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