Anuj lent a sum of 240000 to his friend for 4.5 years. If he received 781000 as interest at the end of 4.5 Sears, what was the annual rate of interest?
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Interest(I) = (P*R*T)/100
So, 81000 = (240000*R*4.5)/100
81000 = 1080000R/100
81000*100 = 1080000R
8100000 = 1080000R
8100000/1080000 = R
15/2 = R
Therefore, R = 15/2 = 7.5
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