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The simple interest on a sum of money is 1/25 of the principal and the number of years is equal to the rate percent per annum. Find the interest rate per annum?

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Maha TAIT Official Paper (Held On 13 Dec 2017 Shift 1)
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  1. 1%
  2. 2%
  3. 3%
  4. 4%

Answer (Detailed Solution Below)

Option 2 : 2%
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Detailed Solution

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Given:

T = R

SI/Principal = 1/25 

Formula Used:

Simple Interest = 

P = Principal

T = Time

R = Rate of interest

Calculation:     

Let assume that SI and Principal are x and 25x

   

R2 = 4

R = 2%

The rate of Interest is 2%

The correct option is 2 i.e. 2%

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