A sum becomes 1.6 times of itself in 5 years at simple rate of interest. Find the rate of interest per annum ? Pls explain stepwise..
Consider Principle as 100 If 100 becomes its 1.6 times in 5yrs Means 100 becomes 160 in five years S I is 60 Substitute in formula 60= 100×5×r/100 r=60/5 =12%
12%