The simple interest on a sum of money is equal to the principal and the number of years is equal to ...........

Quantitative Aptitude ( CCS) Simple Interest

The simple interest on a sum of money is equal to the principal and the number of years is equal to the rate percent per annum. Find the rate percent

3.3%

5.1%

5.2%

4.8%

Let the principal be P.

Rate of interest be R%

According to the question, Time = R

Simple interest = P/9.

SI = (P × T × R) / 100

⇒ P/9= (P × R × R) / 100

⇒ P/9= (P × R2) / 100

⇒ 1/9= (R2) / 100

⇒ R2 = 100 / 9

⇒ R = 10/3

Therefore, rate of interest is 10/3 % or 3.3 %.

Hence, option 1 is the correct answer.

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