S

A sum becomes 1.6 times of itself in 5 years at simple rate of interest. Find the rate of interest per annum ? Pls explain stepwise..

S

Soumya

Consider Principle as 100

If 100 becomes its 1.6 times in 5yrs

Means 100 becomes 160 in five years

S I is 60

Substitute in formula

60= 100×5×r/100

r=60/5

=12%

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S

Soumya

12%

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