What is the rate of interest? I. Simple interest accrued in two years on an amount at the same rate of interest is Rs 88000. II. The amount after some years on simple interest is Rs 308000. III. Difference between the compound interest and simple interest earned in two years on the same amount and at the same rate of interest is Rs 240.

Statement III gives the CI-SI difference for 2 years as Rs.240. The formula for this difference is P×R²/100². Statement I gives 2-year SI as Rs.88000, meaning P×R×2/100 = 88000, so P×R = 44,00,000. From these two equations, we can solve for R (rate comes out to be 6%). Statement II only gives the maturity amount without specifying the time period, so it's redundant. Statements I and III together are sufficient to find the rate.