Simple & Compound Interest · Question 9 · Medium
The simple interest on a sum for 4 years is 2/5 of the sum. What is the rate of interest per annum?
- 8%
- 12%
- 10%
- 12 1/2%
Answer and explanation
Answer: C. 10%
Explanation: SI = 40% of P in 4 years, so the rate = 40/4 = 10% per annum.
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