The simple interest on a sum for 8 years is of the sum. The rate of interest per annum is:
Correct Answer :
10%
Solution :
The correct option is 10%.
Let the principal sum be P, the rate of interest per annum be R%, and time period T be 8 years.
According to the given question, Simple Interest (SI) is of the principal sum (P):
We know the formula for Simple Interest is:
Substituting the given values into the formula:
Dividing both sides by P:
Solving for R:
Hence, the rate of interest per annum is 10%.
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