At what simple interest rate percent per annum will a sum of money double in 12 years.

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24 Sep 2018 Simple Interest

At what simple interest rate percent per annum will a sum of money double in 12 years.

OPtion

1) 7.50
2) 8.00
3) 8.33
4) 8.50
5) 7.25
6) 8.18
7) 8.75
8) 7.75
9) 8.66
10) None of these

Solution

SI = PRT/100

SI = P

So P = P*R*12/100
= R= 100/12 = 8.33
Option 3)

Correct Option: 3 Best Solution (0)