If the simple interest at the same interest rate on ₹500 for 4 years and ₹700 for 2 years, combined together, is ₹280, then what is the rate of interest?
1
\( 9 \frac{3}{17} \% \)
2
\(6 \frac{5}{17} \% \)
3
\(8 \frac{4}{17} \% \)
4
\(7 \frac{3}{17} \%\)