Question

The simple interest on a sum of money for 5 years is 3/5 of the sum. Find the rate percent per annum.

First correct answer will be marked as brainliest.

Answer 1

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let principal be p

then si =3/5p

si=p*r*t/100

3/5p=pr*1/100

3/5=r/100

r=3*100/5

r=60%

Answer 2

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 :

$\text{SI}=\dfrac{PRT}{100}$

R is rate percent per annum

T is time

So,

$R=\dfrac{100\times \text{SI}}{PT}\\\\R=\dfrac{100\times 3x}{5\times x\times 5}\\\\R=12\%$

So, the rate per annum is 12%.