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If a certain sum of money become thrice of itself in 5 years 4 months at simple interest, then what will be the yearly rate of interest (in %)?1). 18.752). 27.53). 37.54). 42.25 |
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Answer» LET the rate of interest be r% and principle be y Interest can be given as 3y – y = 2y 5 YEARS 4 MONTHS can be written as 5 + 4/12 years = 16/3 years, using this in simple interest formula Using simple interest formula ⇒ 2y = (y × r × 16/3) /100 ⇒ r = 600/16 = 37.5 ∴ The rate of interest is 37.5% |
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