The simple interest of a sum of money is 1/144 of the principal and the number of years is equal to the rate per cent per annum. What will be the rate per cent per annum?
Correct Answer: 5/6%
Explanation:
Let the principal be P.
Then, according to the question,
(P x T x T) / 100 = P/144 [∵ time and rate are equal]
⇒ T2 = 100/144
∴ T = 10/12 = 5/6 %
