History · From State to Empire
UGC NET December 2014 History
During the post-Vedic period the annual rate of interest, as mentioned by Gautama and Baudhayana, was:
A10%
B12%
C15% ✓ Correct
D20%
Correct answer: (C) 15% — The annual rate of interest was fifteen percent, so the answer is fifteen percent.
Explanation
★The annual rate of interest was fifteen percent, so the answer is fifteen percent.
★This rate is mentioned in the works of Gautama and Baudhayana.
★These were lawgivers of the Dharmasutra tradition.
★The Baudhayana Sutras cover Dharma, daily ritual and mathematics.
★The Gautama Dharmasutra is among the oldest of these texts.
★Such rules show the growth of money and lending in the age.
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