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A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum?
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A simple interest on a sum of money of the end of 8 years is 2/5 of th...
Understanding Simple Interest
Simple Interest (SI) is calculated using the formula:
SI = (Principal × Rate × Time) / 100
Where:
- Principal is the initial sum of money
- Rate is the interest rate per annum
- Time is the duration in years
Given Information
- Simple Interest after 8 years = 2/5 of the Principal
- Let Principal = P. Thus, SI = (2/5)P
- Time = 8 years
Setting Up the Equation
Using the simple interest formula:
(2/5)P = (P × Rate × 8) / 100
Isolating the Rate
1. Multiply both sides by 100 to eliminate the fraction:
100 × (2/5)P = P × Rate × 8
2. Simplify:
40P = P × Rate × 8
3. Divide both sides by P (assuming P is not zero):
40 = Rate × 8
4. Now, isolate the Rate:
Rate = 40 / 8 = 5
Conclusion
The rate of interest per annum is:
- 5%
This calculation shows the relationship between the principal, the interest earned over time, and the rate of interest. Understanding these concepts is crucial for various competitive exams, including the UPSC.
Simple Interest (SI) is calculated using the formula:
SI = (Principal × Rate × Time) / 100
Where:
- Principal is the initial sum of money
- Rate is the interest rate per annum
- Time is the duration in years
Given Information
- Simple Interest after 8 years = 2/5 of the Principal
- Let Principal = P. Thus, SI = (2/5)P
- Time = 8 years
Setting Up the Equation
Using the simple interest formula:
(2/5)P = (P × Rate × 8) / 100
Isolating the Rate
1. Multiply both sides by 100 to eliminate the fraction:
100 × (2/5)P = P × Rate × 8
2. Simplify:
40P = P × Rate × 8
3. Divide both sides by P (assuming P is not zero):
40 = Rate × 8
4. Now, isolate the Rate:
Rate = 40 / 8 = 5
Conclusion
The rate of interest per annum is:
- 5%
This calculation shows the relationship between the principal, the interest earned over time, and the rate of interest. Understanding these concepts is crucial for various competitive exams, including the UPSC.
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A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum?
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A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum?.
A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A simple interest on a sum of money of the end of 8 years is 2/5 of the sum itself .find the rate of interest per annum?.
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