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Question
The interest on a certain sum of money is 0.24 times itself in 3 years. Find the rate of interest.
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Solution
Let the sum borrowed = Rs.100
Time = 3 years
Let rate of interest = r%
∴ Interest =`(100xx3xx"r")/100` ....`[∵"S.I"=("P"xx"R"xx"T") /100]`
= 3r = (0.24) (100) = 24 .......(Given)
⇒ r =`24/3` = 8
Hence reqd. rate of interest = 8%
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