Question

The SI on a certain sum of money is 30% of
the principal. The rate per annum is equal to
the number of years. Determine the rate
percent
Options
5.4%
OOO
3.4%
4.3%
4.5%

Answer 1

Given:

The SI on a certain sum of money is 30% of  the principal.

The rate per annum is equal to  the number of years.

To find:

The rate of interest

Solution:

Let's assume,

"P" → represents the principal

"R" → represents the rate of interest

"T" → represents the no. of years

According to the question, we have

S.I. = 30% of P = $\frac{30}{100}\times P$ = $\frac{3}{10}P$

and

R = T

We know the formula simple interest is as follows:

$\boxed{\bold{S.I. = \frac{PRT}{100} }}$

Now, substituting the values in the formula of simple interest above, we get

$\frac{3}{10}P = \frac{P\times R^2}{100}$

$\implies \frac{3}{10} = \frac{ R^2}{100}$

$\implies 3 = \frac{ R^2}{10}$

$\implies 3\times 10 = R^2$

$\implies R = \sqrt{30}$

$\implies \bold{R = 5.4\%}$

Thus, the rate of interest is → 5.4%.

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