11. The simple interest on a sum of money is 1/4th of the principal and the number of years is equal to rate per cent per annum. Find the rate per cent.
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Answer:
Let the principal be P.
Rate of interest be R%
According to the question, Time = R
Simple interest = P/9.
SI = (P × T × R) / 100
⇒ P/9= (P × R × R) / 100
⇒ P/9= (P × R2) / 100
⇒ 1/9= (R2) / 100
⇒ R2 = 100 / 9
⇒ R = 10/3
Therefore, rate of interest is 10/3 % or 3 1/3 %.
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