Question

simple interest on a sum of money at the end if 6 yrs is 3/5 of the sum itself. Find the rate percent per annum. ​

Answer 1

Given that,

The simple interest on a sum of money for 5 years is 3/5 of the sum.

To find,

The rate percent per annum.

Solution,

Let the sum be x. It means that the simple interest is 3x/5.

We know that, the simple interest is given by :

R is rate percent per annum

T is time

So,

So, the rate per annum is 12%.