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Simple interest on a certain sum for 4 years is (1/5) of the sum.find the rate of interest.
1. 5%
2. 4%
3. 3%
4. 7%

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Correct Answer - Option 1 : 5%

Given

Simple interest = (1/5) of the sum

Time = 4 years

Formula used

Rate = (simple interest × 100)/(p × 4)

Where, p, r and t are principal, rate and time respectively

Calculation

Rate = [(1/5)P × 100]/(p × 4)

⇒ Rate = 20/4

⇒ Rate = 5%

∴ Rate of interest is 5%.

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