A sum of money quadruples (becomes 4 times) in 15 years at simple interest. What is the rate of interest per annum?

Topic: Interest
Subtopic: Simple Interest

A15%

B20%

C25%

D30%

Explanation

SI = 4P – P = 3P. Rate R = (SI * 100) / (P * T) = (3P * 100) / (P * 15) = 300 / 15 = 20%.

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