Explanation
The formula for simple interest is:
Simple Interest (SI) = (Principal x Rate x Time) / 100
Rearrange the formula to solve for Rate (R):
R = (SI / Principal) x (100 / Time)
Plug in the values:
R = (70 / 150) x (100 / 10)
R = 0.4667 x 10
R = 14/3
R = 4.67 (approximately)
So, the rate of interest is approximately 4.67% or 14/3%.