In 5 years, the simple interest on an amount of Rs. X is 2/5th of the pricipal. The rate of interest per annum is:
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 1 i.e. 8%
Given that
The simple interest on an amount of Rs. X is 2/5th of the principal in 5 years
SI = P × R × T/100
2 = 5 × R × 5 /100
R = 8%