Question

if the simple interest on a sum of mony is 1/3 of the sum in 3 years, find the rate of interest per annum​

Answer 1

Answer:

Let Principal be p

Then SI = 1/3p

Time t = 3 yrs

Let Rate per annum be r,

We know that,

SI = (p*r*t) /100

Then,

r = (SI*100) /p*t

= 1/3p*100/p*5

= 100/3*1/5

= 20/3%

Thus, r = 6 2/3% or 6.67% Answer.