Question

A sum of money becomes 8/5 of itself in 5 year at the certain rate of interest the rate per cent per Annam

Answer 1

Answer:

Let the rate be r and sum be s. Then it is given

S becomes S(8/5)

Interest=8S/5-S=3S/5

3S/5=S×(r/100)×5

3/5=5r/100

r=(3/5)×(100/5)=12

rate of interest= 12% per annum