Question

A sum of money lent on simple interest becomes 8/5 of it in 4 years.Find the rate of interest per annum.

please please tell the full solution ​

Answer 1

Rate of Interest is 15% Per Annum

Step-by-step explanation:

• To Solve this equation, we need to take the Rate of Interest and keep it as R. Therefore, Let Rate of Simple Interest = R
• Let the amount of Initial sum be 100, if so then the amount of sum after 4 years will be 8/5 of 100 which is 160.
• Interest Earned will be - Sum after 4 years - Initial Amount which is 160-100 = 60.
• As S.I = PRT divided by 100
• S.I = 60, P  = 100, R = ? (the unsolved part), T = 4
• 60 = 100x R x 4 divided by 100
• 4R = 60, therefore the Rate of Interest is 60 by 4 which is 15%
• Rate = 15% P.A

To Know More

What is Simple Interest

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