Question : A sum of money doubles itself in 12 years. Find the rate percent per annum of simple interest.
Option 1: 8.33%
Option 2: 6.25%
Option 3: 9.09%
Option 4: 11.11%

Question

Question : A sum of money doubles itself in 12 years. Find the rate percent per annum of simple interest.

Option 1: 8.33%

Option 2: 6.25%

Option 3: 9.09%

Option 4: 11.11%

Team Careers360 · Accepted Answer

Correct Answer: 8.33%

Solution : Time = 12
Let $P$ be the principal sum and $R$ be the rate.
Amount = $2P$
Simple interest = $2P-P$ = $P$
We know, Simple interest = $\frac{ ext{Principal × time × Rate}}{100}$
⇒ $P=\frac{P×12×R}{100}$
$ herefore R=\frac{100}{12}=\frac{25}{3}= 8.33\%$
Hence, the correct answer is 8.33%.

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Question : A sum of money doubles itself in 12 years. Find the rate percent per annum of simple interest.Option 1: 8.33%Option 2: 6.25%Option 3: 9.09%Option 4: 11.11%

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Question : A sum of money doubles itself in 12 years. Find the rate percent per annum of simple interest.
Option 1: 8.33%
Option 2: 6.25%
Option 3: 9.09%
Option 4: 11.11%