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A sum of money becomes 11 times of itself on Simple Interest in 20 years. Find the Rate percent per annum.
1. 25%
2. 12.5%
3. 50%
4. 75%

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Correct Answer - Option 3 : 50%

Given:

A sum of money becomes 11 times of principal

Time = 20 years

Formula Used:

Simple Interest = Amount - Principal

Simple Interest = (Principal × Rate × Time)/100

Calculation:

Let the Principal be P

Then Amount after 20 years will be 11P

Simple Interest = 11P - P = 10P

10P = (P × Rate × 20)/100

⇒ Rate = 50%

∴ The Rate of interest per annum is 50%

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