Question

A sum of money becomes 8/5 of itself in 5 years at a certain rate of simple interest. Find the rate of interest​

Answer 1

Answer:

Step-by-step explanation:

Given A=8/5p (8/5 of the sum) .

Time =5years .

Let the sum be P =100.

Then, the amount = 8/5p = (value of p is 100)

=8/5*100 = 160 .

S. I. = A-P = 160 - 100 = 60 .

Hence, Rate = S.I.*100/P*T

=60*100/100*5 = 12% p.a. ANSWER....