Question
If the simple interest on a certain sum of money after 3 1â„8 years is 1â„4 of the principal, what is the rate of interest per annum?
If the simple interest on a certain sum of money after 3 1â„8 years is 1â„4 of the principal, what is the rate of interest per annum?
Answer: Option C
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Answer : Option C
Explanation :
Let the the sum of money(P) be Rs.x
Time(T) = 3 1â„8 Years = 25â„8 Years
Simple interest (SI) = xâ„4
$MF#%\text{Rate of interest per annum(R) = }\dfrac{100 \times \text{SI}}{\text{PT}} = \dfrac{100 \times \dfrac{x}{4}}{x \times \dfrac{25}{8}} = \dfrac{100 \times x \times 8}{4 \times x \times 25} = 8\%$MF#%
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