Question

The interest on a certain sum of money is $0.18$ times of itself in $3$ years. Find the rate of interest.

• A. $4$
• B. $5$
• C. $6$
• D. $7$

Answer 1

The correct option is C $6$

$I=Interest$

$P=Principal$

$R=RateofInterest$

$T=Time\left(inyears\right)$

$0.18I=\frac{I\times R\times 3}{100}\Rightarrow R=\frac{0.06\times 100}{3}=0.06\times 100$

$\Rightarrow R=6$ %

Rate of Interest $=6$%