Question : The simple interest received on a sum for 20 years is $\frac{3}{5}$ of the sum. What is the annual rate of interest?
Option 1: 3%
Option 2: 4%
Option 3: 5%
Option 4: 6%
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Correct Answer: 3%
Solution : The formula for calculating simple interest is given by: Simple Interest (SI) = $\frac{P×R×T}{100}$, where $P$ is the principal amount, $R$ is the rate of interest per annum, and $T$ is the time in years. The simple interest received in 20 years = $\frac{3}{5}P$ ⇒ $\frac{3}{5}×P = \frac{P×R×20}{100}$ ⇒ $\frac{3}{5} = \frac{R×20}{100}$ ⇒ $R = 3$% Therefore, the annual rate of interest is $3$%. Hence, the correct answer is 3%.
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