A sum of money becomes 7/6 of itself in 3 years at a certain rate of simple interest. The rate per annum is ?

45/7 %
50/9 %
51/7 %
47/ 9 %

Correct Answer: 50/9 %

Explanation:

Let sum = S. Then, amount = 7S/6

S.I. = 7S/6 - S = S/6; Time = 3 years.

Rate = (100 x S) / (S x 6 x 3) = 5 5/9 = 50/9 %.

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