Question
Download Solution PDFA person borrowed some money on simple interest. After 4 years. he returned \(\frac{9}{5}\) of the money to the lender. What was the rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A person borrowed some money on simple interest. After 4 years. he returned \(\frac{9}{5}\) of the money to the lender.
Formula used:
Simple interest = P × R × T / 100 [ P = principal, R = rate of interest, T = time]
Calculation:
Let,R = rate of interest
Principa is = P
The simple interest got by the person is
⇒ 9P/5 - P = 4P/5
As per the formula,
⇒ 4P/5 = P × 4 × R / 100
⇒ R = 20%
∴ The correct option is 4
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