The simple interest on a sum of money is 1/9 of the principle and the number of years is equal to the rate percent annum. The rate percent annum is?
Correct Answer: 31/3
Explanation:
Let principle = Rs. P
Then S.I = P/9
Let Rate = R% per annum and time = R years Then, as we know SI = (P x R x T) / 100.
⇒ P/9 = ( P x R x R) / 100
⇒ R2 = 100/9
∴ R = 10/3 = 31/3 % per annum
