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A money lender claims to lend money at the rate of 10% per annum simple interest. However, he takes the interest in advance when he lends a sum for one year. At what interest rate does he lend the money actually ?

A money lender claims to lend money at the rate of 10% per annum simple interest. However, he takes the interest in advance when he lends a sum for one year. At what interest rate does he lend the money actually ? Correct Answer $$11\frac{1}{9}$$ %

$$\eqalign{ & {\text{Amount}} \to {\text{10}} \cr & \,\,\,\,\, \downarrow \cr & \,\,\,\,\,90 \to \frac{{10}}{{90}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\, = 11\frac{1}{9}\% \cr} $$

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