Sign in
Please select an account to continue using cracku.in
↓ →
The simple interest on a sum of money invested for a period of 10 years is equal to $$\frac{4}{5}$$th of the sum invested. What is the rate of simple interest per annum that is being given?
Let's assume the sum invested, rate of interest and time are 'P', 'R' and 'T'.
The simple interest on a sum of money invested for a period of 10 years is equal to $$\frac{4}{5}$$th of the sum invested.
$$\frac{P\times\ R\times\ T}{100}\ =\ \frac{4P}{5}$$
$$\frac{P\times\ R\times10}{100}\ =\ \frac{4P}{5}$$
$$\frac{1\times\ R\times1}{10}\ =\ \frac{4}{5}$$$$R\ =\ \frac{40}{5}$$
So the rate of simple interest per annum that is being given = R = 8%
Was this solution helpful?
Create a FREE account and get:
Start your IIM journey with the right preparation and crack CAT 2026.
Educational materials for CAT preparation
Ask our AI anything
AI can make mistakes. Please verify important information.
AI can make mistakes. Please verify important information.
91- 6303239042
