Question
Download Solution PDFA sum of money invested at simple interest becomes 17/10 of itself in 2 years and 6 months. What is the rate of interest per annum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum of money invested at simple interest becomes 17/10 of itself in 2 years and 6 months.
Concept used:
Simple interest = (Principle × time × rate)/100
Calculation:
Let the sum of money invested be a and rate of interest be r
Time of investment = 2 years 6 months = 2.5 years
So,
(a × r × 2.5)/100 = ar/40
According to the question,
Amount = (17/10) × Sum of money invested
⇒ (ar/40) + a = (17/10) × a
⇒ (r + 40)/40 = 17/10
⇒ r + 40 = 68
⇒ r = 28
So, rate = 28%
∴ The rate of interest per annum is 28%.
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