If simple interest on a certain sum of money is Rs 256 and the rate of interest per annum equals the...........

Quantitative Aptitude ( CCS) Simple Interest

If simple interest on a certain sum of money is Rs. 256 and the rate of interest per annum equals the number of years, then the rate of interest is

13%

14%

16%

None of these

I = 256,

Let the principal be Rs. = 100

Let the ROI be = X%

Let the time(T) = X years.

R = 100 x X / P x T

X = 100 x 256 / 100 x X,

X^2 = 256,

X = 16%

Hence, option 3 is the correct answer.

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