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 In 16 years a certain sum of money becomes 5 times of itself at simple interest then find the rate of interest.
1. 15%
2. 25%
3. 10%
4. 20%

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Correct Answer - Option 2 : 25%

Given:

Time = 16 years

A certain sum of money becomes 5 times of itself.

Concept used:

R = (S.I. × 100)/(P × T)

S.I. = A – P

Where,

R → Rate

S.I. → Simple interest 

P → Principal 

T → Time 

Calculations:

Let Principal x and amount 5x

S.I. = A – P

⇒ 5x – x = 4x

R = (S.I. × 100)/(P × T)

R% = (4x × 100)/(x × 16) = 25%

∴ The rate of interest is 25%

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