A sum of rs. 10 is lent to be returned in 11 monthly instalments of rs. 1 each, interest being simple. The rate of interest is:
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Rs. 10 + S.I. on Rs. 10 for 11 months
= Rs.11 + SI. on Re. 1 for (1 + 2 + 3 + 4 + ..... + 10) months
=> Rs.10 + S.I. on Re. 1 for 110 months
= Rs.11 + S.I on Re. 1 for 55 months
=> S.I. on Re. 1 for 55 months = Re.1.
rate = 100×12/ 1×55= 21 9/11℅
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