Anamika and Monika are partners in a firm. Anamika withdrew ₹ 25,000 at the end of each month and interest on drawings was calculated ₹ 8,250 at the end of the year

(i) Anamika and Monika are partners in a firm. Anamika withdrew ₹ 25,000 at the end of each month and interest on drawings was calculated ₹ 8,250 at the end of the year. What is the rate of interest on drawings?

(ii) Shruti and Gayatri are partners in a firm. Shruti withdrew ₹ 60,000 at the end of each quarter and interest on drawings was calculated ₹ 6,300 at the end of the year. What is the rate of interest on drawings?

[Ans. Case (i) 6% p.a. and Case (ii) 7% p.a.]