A man lends a certain sum of money and gets an interest equal to 1/16 th of the principal. The time for which money was lent is equal to the rate of interest. Find the rate of interest per annum.

A man lends a certain sum of money and gets an interest equal to 1/16

1.	A man lends a certain sum of money and gets an interest equal to 1/16 th of the principal. The time for which money was lent is equal to the rate of interest. Find the rate of interest per annum.
A.	4%
B.	3.5%
C.	3%
D.	2.5%
Answer» E.

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A man lends a certain sum of money and gets an interest equal to 1/16 th of the principal. The time for which money was lent is equal to the rate of interest. Find the rate of interest per annum.

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