simple interest on a sum of money at the end if 6 yrs is 3/5 of the sum itself. Find the rate percent per annum.
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simple interest on a sum of money at the end if 6 yrs is 3/5 of the sum itself. Find the rate percent per annum.
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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 :
R is rate percent per annum
T is time
So,
So, the rate per annum is 12%.