SOLUTION: simple interest on a sum of money fetches an interest equal to its one-fifth after 8 years. what is the rate of interest per annum

SOLUTION: simple interest on a sum of money fetches an interest equal to its one-fifth after 8 years. what is the rate of interest per annum

Algebra.Com

Question 912797: simple interest on a sum of money fetches an interest equal to its one-fifth after 8 years. what is the rate of interest per annum
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
I = p t r
let sum be x
interest = x/8
x/8 = x *8 *r
1/64 = r
1.56 %
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