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The rate of simple interest for which a sum of money becomes 5 times of itself in 8 years is :
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- 30%
- 40%
- 50%
- 55%
- 30%
Correct Option: C
Let Principal = Rs. p
According to question ,
∴ Amount = Rs. 5p
Simple Interest = Amount - Principal = Rs. (5p – p) = Rs. 4p
| ∴ Rate = | |
| Principal × Time |
| Rate = | = 50% per annum | |
| p × 8 |
