At what rate of annunal simple intrest, sum will amount to five times in 16 years?
A. 15%
B. 20%
C. 25%
D. 22.5%
Solution (By Examveda Team)
Let Initial Sum was Rs. 100. Sum will become 5 times i.e. 500 in 16 years.
P = 100
I = 500 - 100 = 400
T = 16 years
R = ?
I = PTR/100
R = (400*100)/(100*16) = 25%
SHORT CUT:
Just devide total Intrest by total time. It would be required answer in such question i.e. 400/16 = 25%
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