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A sum of money becomes 3/2 times of itself in 3 years at certain rate of interest. Find the rate of interest?1. 16\(\frac{2}{3}\)%2. 11\(\frac{1}{3}\)%3. 9\(\frac{1}{3}\)%4. 12\(\frac{1}{3}\)% |
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Answer» Correct Answer - Option 1 : 16\(\frac{2}{3}\)% Given: Amount = 3/2 of the sum Time = 3 years Formula used: Simple interest = (P × R × T)/100 Amount = Principal + Interest Calculation: Let the sum of money be P Amount after 3 years will be 3/2P Now, by using the formula 3/2P – P = (PR × 3)/100 ⇒ R = 50/3 = 16\(\frac{2}{3}\)% ∴ The rate of interest is 16\(\frac{2}{3}\)%. |
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