Question : The simple interest received on a sum is $\frac{4}{9}$ of the sum. The number of years is equal to the annual rate of interest. What is the annual rate of interest?
Option 1: 7.5%
Option 2: 6.66%
Option 3: 6%
Option 4: 5.25%
New: SSC MTS 2024 Application Form OUT; Direct Link
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: 6.66%
Solution : Given: Simple interest = $\frac{4}{9}$ of Principal Let rate = time = $x$ $\frac{\text{Simple interest}}{\text{Principal}}=\frac{4}{9}$ Now, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $\frac{\text{Simple interest}}{\text{Principal}} = \frac{x × x}{100}$ ⇒ $x^2=\frac{400}{9}$ ⇒ $x=\frac{20}{3}=6.66$$ Hence, the correct answer is 6.66%.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
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?
Question : The simple interest received on a sum at the rate of 8 percent per annum is $\frac{2}{5}$ of the sum. What is the period?
Question : A person lends a certain sum of money at the annual rate of 8% on simple interest and the interest received in 9 years is INR 560 less than the sum lent. What is the sum lent?
Question : On a certain sum, simple interest at the annual rate of 12% for 6 years is Rs. 28800. What will be the compound interest on the same sum at the annual rate of 20% (compounding annually) for 2 years?
Question : At the same rate of simple interest sum of the interest of Rs. 300 for 4 years and the interest of Rs. 400 for 3 years is 120. The rate of interest is:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile