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The simple interest on a sum of money is 1/16 of the sum. If the number of years is numerically equal…

Given \(\text{SI} = \frac{P}{16}\) and \(R = T\). Using \(\text{SI} = \frac{P \times R \times T}{100}\), we get \(\frac{P}{16} = \frac{P \times R^2}{100} \implies R^2 =…

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The simple interest on a sum of money is 1/16 of the sum. If the number of years is numerically equal to the rate percent per annum, then the rate percent per annum is

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Given SI=P16\text{SI} = \frac{P}{16} and R=TR = T. Using SI=P×R×T100\text{SI} = \frac{P \times R \times T}{100}, we get P16=P×R2100  ⟹  R2=10016  ⟹  R=104=212%\frac{P}{16} = \frac{P \times R^2}{100} \implies R^2 = \frac{100}{16} \implies R = \frac{10}{4} = 2\frac{1}{2}\%.

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