Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is

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INSURANCE EXAMS (LIC) 2013 click here to view all questions

Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is

A$\text{4%}$

B$\text{6%}$

C$\text{4.5%}$

D$\text{6.5%}$

upendra ? undefined

Correct answer is: \(\text{4%}\)

Explanation:

Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is:

\(\text{Given: Simple interest } (SI) = 16\% \text{ of the sum} \)

\(SI = \frac{P \times R \times T}{100} \)

\(\frac{16P}{100} = \frac{P \times R \times R}{100} \)

\(16 = R^2\)

\(R = \sqrt{16}\)

\(R = 4\)

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Correct answer is: \(\text{4%}\) Explanation: Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is: \(\text{Given: Simple interest } (SI) = 16\% \text{ of the sum} \) \(SI = \frac{P \times R \times T}{100} \) \(\frac{16P}{100} = \frac{P \times R \times R}{100} \) \(16 = R^2\) \(R = \sqrt{16}\) \(R = 4\) upendra ? answered undefined All Comments

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