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%
Correct Answer: 8.33%
Solution :
Time = 12
Let
Amount =
Simple interest =
We know, Simple interest =
⇒
Hence, the correct answer is 8.33%.