What will be the Annual Interest Rate? If

At what rate of annual simple interest, certain sum will amount to four times in 15 year?

  1. 15%
  2. 17.5%
  3. 20%
  4. 25%
anil Default Asked on 29th July 2015 in Maths.
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1 Answer(s)

Answer: (3) 20 %
Explanation:-
Let the rate be R %  & principal is P.
Given –
Time = 15 years,  Amount = 4 P
Then, Simple Interest = 4 P – P = 3 P.

Formula-
Simple Interest = P x R x T/100
Where, P = principal , R = rate, & T = time.

Then,
3 P = P x R x 15/100
3 = R x 3/20
R = 20
Hence, the answer is (3) 20 %.

Anurag Mishra Professor Answered on 29th July 2015.
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