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