The simple interest on a sum of money is $$\frac{16}{25}$$ of the principal. The number of years is equal to the rate of interest per annum. What is the rate (in percentage) of interest per annum?
Let sum of money invested = Rs. $$100x$$
=> Simple interest = $$\frac{16}{25}\times100x=Rs.$$ $$64x$$
Let rate of interest = time period = $$x$$
=> Simple interest = $$\frac{P\times R\times T}{100}$$
=> $$\frac{100x\times x\times x}{100}=64x$$
=> $$x^2=64$$
=> $$x=\sqrt{64}=8\%$$
=> Ans - (C)
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