Question : If a sum is invested at simple interest, then it becomes $\frac{3}{2}$ of itself in 4 years. What is the annual rate of interest?
Option 1: 6.5 percent
Option 2: 12.5 percent
Option 3: 17.5 percent
Option 4: 10 percent
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Correct Answer: 12.5 percent
Solution : The sum becomes $\frac{3}{2}$ times itself in 4 years ⇒ $P +\frac{P×R×T}{100} = \frac{3}{2}$$P$ ⇒ $P+\frac{P×R×4}{100} = \frac{3}{2}$$P$ ⇒ $1+\frac{R×4}{100} = \frac{3}{2}$ ⇒ $\frac{R×4}{100} = \frac{1}{2}$ ⇒ R = $\frac{1}{2} × \frac{100}{4}$ ⇒ R = $\frac{25}{2}$ = 12.5% Hence, the correct answer is 12.5 percent.
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