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Discussion :: Simple Interest

  1. Anil invested a sum of money at a certain rate of simple interest for a period of five years. Had he invested the sum for a period of eight years for the same rate, the total intrest earned by him would have been sixty percent more than the earlier interest amount. Find the rate of interest p.a.
    2. A.
    6%
    B.
    9%
    C.
    12.5%
    D.
    Cannot be determined
    E.
    None of these

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    Answer : Option D

    Explanation :

    Let the sum be Rs.P. Let the rate of interest be R% p.a.

    (P)(8)(R)/100 = [1 + 6/100][ (P)(5)(R) /100] = 1.6{5PR/100]

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