If the simple interest on a sum of ₹9,800 is ₹16,562 for a period of 13 years, find the rate of interest per annum.
13%
Using \(SI = \dfrac{P\times R\times T}{100}\): \(16562 = \dfrac{9800\times R\times13}{100}\).
\(R = \dfrac{16562\times100}{9800\times13} = \dfrac{1656200}{127400} = 13\).
Hence, the rate of interest per annum is 13%.
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