Question

If the simple interest on a certain sum of money is $\frac{1}{100}$th of the sum and the rate per cent equals the number of years, then the rate of interest per annum is

• A. $2$%
• B. $1$%
• C. $3$%
• D. $4$%

Answer 1

The correct option is B $1$%

Given $SI=\frac{1}{100}\times P,R=T$

$SI=\frac{PRT}{100}$

$\frac{P}{100}=\frac{P{R}^2}{100}\Rightarrow R=T=1$