Question : A sum was doubled with a 12.5% rate of simple interest per annum. Then time taken for that sum to be doubled is:
Option 1: $8\frac{1}{2}$ years
Option 2: 8 years
Option 3: 10 years
Option 4: $12\frac{1}{2}$ years
Correct Answer: 8 years
Solution :
Let the principal be $P$.
Sum = $2P$
Let the time be $T$.
$\therefore$ Simple interest = Amount – Principal = $2P-P=P$
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $T=\frac{P×100}{P×12.5}$
⇒ $T=\frac{1000}{125}$
$\therefore T$ = 8 years
Hence, the correct answer is 8 years.
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