A certain sum of money amounts to 5/4 of itself in 5 years. Find the rate percent per annum.
A. 9%
B. 7%
C. 12%
D. 5%
Answer: Option D
Solution (By Examveda Team)
Let the principal be x, Amount in 5 yrs = 5/4 * x = 5x/4Therefore, SI = (Amount – Principal) = 5x/4 - x = x/4
SI = PRT/100
x/4 = x * R * 5 / 100
R = 5%
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