Question
Download Solution PDFThe simple interest received on a sum is 25/36 of the sum. The number of years is equal to the annual rate of interest. What is the annual rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The simple interest received on a sum is 25/36 of the sum.
The number of years is equal to the annual rate of interest
Formula used:
SI = (P × R × T)/100
Calculations:
Let the sum value be x, then SI will be:
SI = (x × R × T)/100
⇒ (25/36)x = (x × R2)/100
⇒ 25/36 = R2/100
Squaring both sides,
⇒ 5/6 = R/10
⇒ R = 0.833 × 10 = 8.33%
∴ The annual rate of interest is 8.33%.
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