The simple interest on a sum of money is 1/9 of the principle and the number of years is equal to the rate percent annum. The rate percent annum is?

3
1/3
31/3
3/10

Correct Answer: 31/3

Explanation:

Let principle = Rs. P
Then S.I = P/9
Let Rate = R% per annum and time = R years
Then, as we know SI = (P x R x T) / 100.
⇒ P/9 = ( P x R x R) / 100
⇒ R² = 100/9
∴ R = 10/3 = 3¹/₃ % per annum

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