Correct option is D
Given:
- Principal (P) = ₹1,300
- Simple Interest (SI) = ₹520
- Time (T) = 8 years
Formula Used:
Simple Interest (SI) is calculated using the formula:
SI =
Where SI = Simple Interest, P = Principal, R = Rate of Interest, T = Time
Solution:
Rearrange the formula to solve for Rate of Interest (R):
The rate of interest is 5% per annum.