A sum of money quadruples (becomes 4 times) in 12 years at simple interest. Find the rate of interest per annum.

Topic: Interest
Subtopic: Simple Interest

A20%

B22.5%

C25%

D30%

Explanation

Simple Interest SI = 4P – P = 3P. Rate R = (SI * 100) / (P * T) = (3P * 100) / (P * 12) = 300 / 12 = 25%.

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