Question

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

Answer 1

let p be 100
interest is 8/5*100=160
t=5yrs
i=ptr/100
160=100*5*r/100
1600/500=r
r=16/5
r=3.2%

Answer 2

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Refer to the attachment!