Question : If a certain sum of money becomes double of itself in 3 years and 6 months at simple interest, then what will be the annual rate of interest?
Option 1: 22.5 percent
Option 2: 28.57 percent
Option 3: 30.53 percent
Option 4: 26.57 percent
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Correct Answer: 28.57 percent
Solution : Given, The sum of money becomes double itself in 3 years and 6 months. Time in years = $3+\frac{6}{12}$ = 3.5 years Let the rate be $r$. According to the question, The amount becomes double ⇒ Simple interest is equal to the principal P Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $P=\frac{P×r×3.5}{100}$ ⇒ $r = \frac{100}{3.5}$ $\therefore r =28.57$% Hence, the correct answer is 28.57%.
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