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.
Add Comment
  • 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.
    Add Comment
  • Your Answer

    By posting your answer, you agree to the privacy policy and terms of service.