A sum of Rs 46,900 was lent out at simple interest and at the end of 2 years, the total amount was Rs 53,466.Find the rate of interest per year.

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Here principal P =46900
Time n=2 years
Amount A =
Let r n be the rate of interest per year
Interest I =Pnr/100
A=P+I
53466=46900+x2xr/100
53466 - 46900=46900x2xr/100
6566=496x2xr
r=6566/2x469 %=7%
Rate of intreast= per years