Question

A sum of money becomes 8/5 of itself in 5 years at a certain rate of simple interest find rate of interest

Answer 1

➡HERE IS YOUR ANSWER⬇

Let, Sum (S) = x and rate = r%.

Then, Interest (I)

$\frac{8}{5} x - x \\ \\ = \frac{8x - 5x}{5 } \\ \\ = \frac{3x}{5}$

Time (t) = 5 years

Now,

I = (S × r × t)/100

$\frac{3x}{5} = \frac{x \times r \times 5}{100} \\ \\ or \: \: r = 12$

So, Simple Interest Rate = 12%.

⬆HOPE THIS HELPS YOU⬅

Answer 2

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Refer to the attachment!