Question

A sum of money becomes 6/5 of itself in 2 1/2 years at a certain rate of simple interest. Find the rate of interest.​

Answer 1

Answer:

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Let the required sum be ₹ x

Rate of interest = r %

Time = 2½ years = 5/2 years

Amount = (6/5) × sum

Amount = principal + SI (6/5) × x = x + [(P × R × T)/100] = (6/5) x

= x + [(x × r × 5)/ (100 × 2)] = (6/5)

= (1 + (r/40)) = r = (40 × (1/5))

r = 8%

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