Answer:
12%
Explanation:
Let the rate of interest be R%
r = R% as decimal =R/100
Simple interest earned for 3 years at rate r on ₹15,000 = ₹5,400
The formula for interest earned is given by
I = Prt
where P is the principal amount (15,000)
r = annual interest rate as a decimal (to be determined)
t = number of years
Plugging in known values we get
5400 = 15000 x r x 3
= 45000 x r
r = 5400/45000
r = 0.12
Rate of interest as a percentage = r x 100 = 0.12 x 100 = 12%