Simple Interest on a sum of money at the end of 4 years is ⅘ of the Sum itself. Find the rate per cent per annum.
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Answer:
rate on sum is 20% per anum
Step-by-step explanation:
we have a formula for simple interest is
S.I=P×R×N/100
as ,
interest = (4/5)×principal (sum amount)
P×4/5=P×R×4/100
simplifying,
4×100=R×4×5
R=100/5
R= 200
so, rate on sum is 20% per anum
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