The simple interest on a sum of money is \(\frac{1}{9}\) of the principal and the number of years is equal to rate percent per annum. Find the rate percent.
Answer & explanation
Correct answer: option 1
Principal : S.I. = 9 : 1,
Total rate of interest = \(\frac{1}{9}\) × 100 = \(\frac{100}{9}\) %
⇒ Rate of Interest × Time = Total Rate of Interest
R = T (given)
Therefore,
R × R = Total Rate of Interest
R2 = \(\frac{100}{9}\)
R = \(\frac{10}{3}\) = 3 \(\frac{1}{3}\)%