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The simple interest on a sum of money is 1/25 of the principal and the number of years is equal to the rate percent annum. Find the rate percent.
1. 2%
2. 4%
3. 5%
4. 6%

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Correct Answer - Option 1 : 2%

Given:

The simple interest on a sum of money is 1/25 of the principal

Calculation:

Let principal be P.

Time be T and Rate = T

∴ According to the question:

⇒ P × T × T/100 = P/25

⇒ T2 = 100/25

⇒ T = 10/5

⇒ T = 2%

∴ the rate percent is 2%.

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