Question : A sum of Rs. 3000 becomes Rs. 6000 when invested in a scheme of simple interest. If the annual rate of interest and the number of years for which the sum was invested are the same, then what is the annual rate of interest?
Option 1: 5%
Option 2: 20%
Option 3: 10%
Option 4: 15%
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Correct Answer: 10%
Solution :
Given: Principal amount, P = Rs. 3000
Total amount = Rs. 6000
⇒Interest, SI = Rs. 6000 – Rs. 3000 = Rs. 3000
Let $R$ be the rate of interest and $n$ be the number of years.
Here $R$ = $n$
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $3000$ = $\frac{3000×R×R}{100}$
⇒ $R^2$ = $100$
⇒ $R$ = $10\%$
Hence, the correct answer is 10%.
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