A sum money becomes (8/5) of itself in 5 years at a certain rate of interest . The rate percent per annum is?

5%
8%
10%
12%

Correct Answer: 12%

Explanation:

Let sum = Rs. P.
Then amount = Rs. (8P/5)
∴ S.I = Rs. (8P/5 - P ) = Rs.(3P/5)
∴ Required rate = (100 x SI) / (P x T)
= [(100 x 3P/5) / (P x 5)]% = 12%

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