Question : The simple interest on a sum for 5 years is $\frac{3}{5}$th of the sum. The rate of interest per annum is:
Option 1: 10%
Option 2: 12%
Option 3: 8%
Option 4: $12\frac{1}{2}$%
Correct Answer: 12%
Solution :
Let the principal be $x$.
⇒ Simple interest $=\frac{3x}{5}$
Also, Simple interest $=\frac{\text{Principal × Rate × Time}}{100}$
⇒ $\frac{3x}{5}=\frac{x×\ \text{Rate}\ ×5}{100}$
⇒ Rate $=\frac{3x×100}{5×x×5}$
$\therefore$ Rate = 12%
Hence, the correct answer is 12%.
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