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Question

The simple interest on a sum of money is 7/20 of the sum. If the number of years is numerically half the rate per annum, then find the rate percent per annum.

A 5.6% Correct Answer Incorrect Answer
B 8.4% Correct Answer Incorrect Answer
C 6.9% Correct Answer Incorrect Answer
D 7.7% Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Let P = 20 units and Simple Interest = 7 units T = R/2 SI = (P × R × T)/100 => 7 = (20 × R × R)/(100 × 2) => R = 8.4%

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