The simple interest on a sum of money is $\frac{1}{9}$ of the principal. If the number of years is numerically equal to the rate percent per annum, find the rate percent.
Options:
- A: 3%
- B: 3.33%
- C: 4.5%
- D: 5%
Related Practice Questions:
- A sum of ₹4000 is invested at compound interest for 2 years at a rate of 10% per annum. What will be the total amount at the end of 2 years?
- At what rate of simple interest per annum will a sum of money double itself in 8 years?
- The difference between the compound interest and simple interest on a certain sum of money for 2 years at 5% per annum is ₹25. Find the sum.
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