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At what rate percent per annum will the simple interest on a sum of money be of the amount in years ?

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answer is C.

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Detailed Solution

Concept: Assume the principal amount and the rate of interest be two different variables. Now, to calculate the simple interest apply the formula ,

. Also, equate the required simple interest value and the principal amount (condition given in the question) and solve.
Let, the principal amount be

And the rate of interest be

Time period,

years
Using Simple interest formula,

Given that,
Simple interest is the

of the principal amount,
It implies that,

Cross- multiplying both the sides,

The rate of interest per annum is

.
Hence, the correct answer is option (3) .

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