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At what rate per annum will the simple interest on a certain sum of money be 1/5 of the amount in 10 yr?

5%
2%
1%
8%

Correct Answer: 2%

Explanation:

Let sum = P, then SI = P/5 time = 10 yr.
∴ Rate = (100 x P)/(P x 5 x 10) = 2%

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