Question : The simple interest received on a sum is $\frac{4}{9}$ of the sum. The number of years is equal to the annual rate of interest. What is the annual rate of interest?
Option 1: 7.5%
Option 2: 6.66%
Option 3: 6%
Option 4: 5.25%

Question

Question : The simple interest received on a sum is $\frac{4}{9}$ of the sum. The number of years is equal to the annual rate of interest. What is the annual rate of interest?

Option 1: 7.5%

Option 2: 6.66%

Option 3: 6%

Option 4: 5.25%

Team Careers360 · Accepted Answer

Correct Answer: 6.66%

Solution : Given: Simple interest = $\frac{4}{9}$ of Principal
Let rate = time = $x$
$\frac{ ext{Simple interest}}{ ext{Principal}}=\frac{4}{9}$
Now, Simple interest = $\frac{ ext{Principal × Rate × Time}}{100}$
⇒ $\frac{ ext{Simple interest}}{ ext{Principal}} = \frac{x × x}{100}$
⇒ $x^2=\frac{400}{9}$
⇒ $x=\frac{20}{3}=6.66$$
Hence, the correct answer is 6.66%.

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Question : The simple interest received on a sum is 49 of the sum. The number of years is equal to the annual rate of interest. What is the annual rate of interest?Option 1: 7.5%Option 2: 6.66%Option 3: 6%Option 4: 5.25%

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Question : The simple interest received on a sum is $\frac{4}{9}$ of the sum. The number of years is equal to the annual rate of interest. What is the annual rate of interest?
Option 1: 7.5%
Option 2: 6.66%
Option 3: 6%
Option 4: 5.25%