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A sum of money becomes 15 times of itself in 6 years at a certain rate of simple interest. The rate of interest per annum is:1. 230.3%2. 223.3%3. 133.3%4. 233.3% |
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Answer» Correct Answer - Option 4 : 233.3% Given: Time = 6 years Formula used: SI = (P × R × T)/100 Calculation: The sum becomes 15 times of itself. So, the SI = 15P - P = 14P ⇒ 14P = (P × R × 6)/100 ⇒ R = 233.33% |
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