The simple interest on a sum of money is one-ninth of the principal, and the number of years is equal to the rate percent per annum. What is the rate percent per annum?
A3%
B0.33%
C3.33% ✓ Correct
D2.33%
Correct answer: (C) 3.33%
Explanation
The rate is 3.33 percent per annum.
SI = (1/9)P and time = rate = r.
(1/9)P = P x r x r / 100.
r^2 = 100/9.
r = 10/3 = 3.33 percent.
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