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A certain sum becomes 8 fold in 15 yr at simple interest. What will be the rate interest?

465/3%
462/3%
465/8%
4612/11%

Correct Answer: 462/3%

Explanation:

Let sum = p
Then, after 15 yr
Sum = 8p
∴ SI = 8p - P = 7P
Now, 7P = (P x R x 15)/100
⇒ 7 = 15R/100 = 3R/20
∴ R = (20 x 7)/3 = 140/3
= 46²/₃%

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