Answer:
11%
Step-by-step explanation:
We have been given that
Principle = Rs 2350
Time = 2 years
Total amount = Rs 2867
Therefore, Interest earned is given by
I = Total amount - Principle
I = 2867 - 2350
I = Rs 517
Formula for simple interest is
[tex]I=Prt\\517=2350(r)(2)\\\\r=\frac{517}{2350\times2}\\\\r=0.11\\\\r=11\%[/tex]
Therefore, annual rate of interest is 11%
