At what rate percent per annum will a sum of money double in 6 years.

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11 Aug 2020 Simple Interest

At what rate percent per annum will a sum of money double in 6 years.

OPtion

1) 20%
2) 15%
3) 12.5%
4) 14%
5) 16%
6) 16.67%
7) 18%
8) 17.33%
9) 11.66%
10) None of these

Solution

Let principal = P, Then, S.I.= P and Time = 8 years



We know that S.I. = PTR/100



Rate = [(100 x P)/ (P x 6)]% = 12.5% per annum.

Correct Option: 6 Best Solution (3)