a sum of money becomes 8/5 of itself in 5 years at a certain rate of simple intrest. Find the rate of intrest

12%

Explanation:

It would be easier to assume a certain number when answering such questions.

Assume for instance, that the sum of money is $1,000.

In 5 years it increased by 8/5:

= 1,000 * 8/5

= $1,600

In 5 years this figure increased to $1,600. Increase was:

= 1,600 - 1,000

= $600

Simple interest is the same every year so the interest per year was:

= 600/5

= $120

Rate = 120 / 1,000

= 12%

Faster method.

= 8/5

= 1.6

Sum increased by 1.6 which means interest over 5 years was:

= 1.6 - 1

= 60%

Rate = 60%/ 5 years

= 12%

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