Question: The simple interest received on a sum for 40 years is 2/5 of the sum. what is the annual rate of interest?
- 1.5 percent
- 2 percent
- 1 percent
- 3 percent
Answer: 3. 1 percent
Solution:
formula S.I= PXRXT/(100)
2/5X = X(R)(40)/(100)
R= 1 percent
Answer: 3. 1 percent
Solution:
formula S.I= PXRXT/(100)
2/5X = X(R)(40)/(100)
R= 1 percent