At what rate (in percentage, rounded off to two decimal place) per year will a sum of money 5 times
At what rate (in percentage, rounded off to two decimal place) per year will a sum of money 5 times itself in 15 years on simple interest?
कोई धनराशि साधारण ब्याज पर किस वार्षिक दर (प्रतिशत में, दशमलव के दो स्थानों तक पूर्णांकित) से 15 वर्षों में स्वयं की 5 गुनी हो जाएगी?
Detailed Solution & Logic
Correct Answer:
26.67
Let the principal be P.
The amount becomes 5 times the principal after 15 years:
Amount = 5P
So Simple Interest:
SI = 5P - P = 4P
Using the simple interest formula:
$SI=\frac{P \times R \times T}{100}$
Substitute values:
$4P=\frac{P \times R \times 15}{100}$
Cancel $P$:
$4=\frac{15R}{100}$
$R=\frac{400}{15}$
$R=26.666\ldots$
Rounded to two decimal places:
$R=26.67%$
Final Answer: 26.67%
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