LIC AAO 12 May 2013 Paper

Question : 41 of 160

Marks: +1, -0

Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and Lime in years be equal, then the rate of interest is

4%
6%
4.5%
6.5%
None of these

Validate

Solution:

Let the sum be Rs. x.
S.I. = Rs.

{16x}/{100}

rate = time = R
∴ Rate = time = R
∴ Rate =

{S.I.×100}/{\Principle×\Time}

⇒ R =

{16x×100}/{100x×R}

⇒

R^2

= 16
⇒ R = 4% per annum

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