Question

The interest on a certain sum of money is 0.24 times of itself in 3 years. Find the rate of interest.

Answer 1

Let the sum borrowed =Rs. 100
Time =3 years
Let rate of interest =r%
$\therefore =\frac{100\times 3\times 3}{100}$
=3r=(0.24)(100)=24 (Given)
$\Rightarrow r=\frac{24}{3}=8$
Hence, required rate of interest=8%