Interest

Solve the question of and select the option from the choices A through D/E. Check your Answer and view the explanation.

Find the rate at Simple interest, at which a sum becomes four times of itself in 15 years.

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Let sum be P and rate be r%

then, $\frac{P × r × 15}{100}$ = 3P [important to note here is that simple interest will be 3P not 4P, beause 3P + P = 4P]

⇒ r = 20%