Question : The simple interest on a sum for five years is two-fifths of the sum. The rate of interest per annum is:
Option 1: 1%
Option 2: 8%
Option 3: 6%
Option 4: 4%
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Correct Answer: 8%
Solution :
Time = 5 years
Let the principal be $x$
Rate = $r$
So, simple interest = $\frac{2x}{5}$
Simple interest =$\frac{\text{Principal×Rate×Time}}{100}$
⇒ $\frac{2x}{5}$ =$\frac{x×r×5}{100}$
⇒ $r = \frac{2x×100}{5×5x}$
⇒ $r = \frac{200x}{25x}$
$\therefore r = 8\%$ per annum
Hence, the correct answer is 8%.
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