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A sum of money becomes 41/40 of itself in 1/4 years at a certain rate of simple interest. The rate of interest per annum is
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- 10%
- 1%
- 2.5%
- 5%
- 10%
Correct Option: A
Let the principal be Re.1
∴ SI = Amount - Principle
| S.I. = | - 1 = | ||
| 40 | 40 |
| Now, rate = | |
| Principal × Time |
| Rate = | = | = 10% | ||
| 1 × (1 ÷ 4) | 40 |
Second method to solve this question :
| R = |  | - 1 |  | × 100 | |
| 40 | |||||
| 4 | |||||
| R = | × 4 × 100% | |
| 40 |
R = 10%
