Question 62

If a sum becomes 4 times in 20 years what is the rate of simple interest given?

Solution

Sum = $$\frac{P \times R \times T}{100}+P$$

4P = $$\frac{P \times R \times 20}{100} + P$$

4P = $$\frac{PR}{5} + P$$

R = 15%

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