In how many years will the simple interest on a sum of money be equal to the principal at the rate of $$16\frac{2}{3}$$ % per annum ?
a) 4 years
b) 5 years
c) 6 years
d) 8 years
Answer: c
Explanation:
$$\eqalign{
& {\text{16}}\frac{2}{3} = \frac{{1 \to {\text{ Interest}}}}{{6 \to {\text{ Principal }}}} \cr
& {\text{Let principal = 6}} \cr
& {\text{Interest = 6}} \cr
& {\text{Time = t years}} \cr
& {\text{Using formula }} \cr
& {\text{6}} = \frac{{6 \times 50 \times {\text{t}}}}{{3 \times 100}} \cr
& {\text{t}} = 6\,{\text{years}} \cr} $$
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