A sum of Rs. 14,000 amounts to Rs. 22,400 in 12 years at the rate of simple interest. What is the rate of interest?  Choose the correct choice from the following answers
A) 7% B) 6% C) 5% D) 4% E) 3%
Explanation :   Simple Interest for 12 years (SI) = (22400 - 14000) = Rs.8400   R = ?   T = 12 years   P = Rs. 14000   R=100×SI/PT=100×8400/14000×12   =5%   Answer : Option 5%
<result>C</result>
A sum of Rs. 14,000 amounts to Rs. 22,400 in 12 years at the rate of simple interest. What is the rate of interest?