Question

8. What will be the rate of simple interest if a certain sum of money increases
by 60% in 5 years?
​

Answer 1

Since the money increases by 60% in 5 years.

Therefore,the rate of simple intrest will be=60/5

=12%

Answer 2

The rate of interest is 12%

Step-by-step explanation:

Let the principal be x

A certain sum of money increases  by 60%

So, Simple interest = 0.6x

Time = 5 years

$SI = \frac{P \times T \times R}{100}\\0.6x=\frac{x \times 5 \times R}{100}\\\frac{0.6 \times 100}{5} = R$

12% = R

Hence The rate of interest is 12%

#Learn more:

At which rate of simple interest a sum doubles in 20 years, what is rate of interest

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