Question

The interest on a sum of money is 3/5 of the amount in 20 years, find the rate percent?

Answer 1

Answer:

Step-by-step explanation:

Assuming the interest to be Simple Interest,

Pnr/100 = 0.6P(1+(nr/100))

Given n = 20, and substituting r/100 = R,

20R = 0.6(1+20R);

8R = 0.6 ; R = 3/40

r = 300/40 = 7.5%