The simple interest on a sum of money is 8 25 of the sum. If the number of years is numerically half the rate percent per annum, then the rate percent per annum is
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Rate of interest per annum is 8%
Given:
Simple Interest
Number of years
To find:
The rate percent per annum.
Solution:
By formula, Simple Interest , where P – principal, N – number of years, R – rate of interest
Given Simple Interest
Number of years
In formula, Simple Interest , substituting the above terms in the equation becomes,
The rate of interest per annum for the given simple interest is 8 %.
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