Question

A sum of money becomes 41/40 of itself in 1/4 year at a certain rate of simple interest. The rate of interest per annum is

Answer 1

Hope it will help you...

Answer 2

Rate of interest is 10%.

Step-by-step explanation:

Since we have given that

Amount = $\dfrac{41}{40}P$

Sum = P

Time = $\dfrac{1}{4}$

So, Simple interest = A -P = $\dfrac{41}{40}P-P=\dfrac{1}{40}$

So, it becomes,

$\dfrac{1}{40}P=\dfrac{P\times R\times 1}{400}\\\\R=10\%$

Hence, Rate of interest is 10%.

# learn more:

A sum of money becomes 7/6 of itself in 3 years at a certain rate of simple interest the rate of interest per annum is

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