A sum of money becomes $\displaystyle \frac{41}{40}$ of itself in $\displaystyle \frac{1}{4}$ years at a certain rate of simple interest. What is the rate of interest per annum

Using the simple interest formula, the interest earned is 41/40 of the principal minus the principal, which equals 1/40 of the principal. The rate of interest is calculated as (Interest times 100) divided by (Principal times Time). Substituting the values gives the rate as (1/40 times 100) divided by (1 times 1/4), resulting in 10 percent per annum. The rate of interest is 10 percent per annum.

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