If the simple interest on $1500 increase by $20,when the time increase by 2 years. Find the rate percent per annum.
Choose the correct choice:
A) 0.6 %
B) 0.5 %
C) 0.1 %
D) 0.2 %
E) 0.7 %

Rationale: applying the above formula , we have 20 = 1500 * r * 2 / 100 r = 20 * 100 / 1500 * 2 = 0.7 % . answer is e
Answer: E