Question 10

If a sum of money doubles itself in 8 years at simple interest, the rate percent per annum is

Solution

Let principal sum = Rs. $$P$$ and rate of interest = $$r\%$$

Amount under simple interest after 8 years = $$P+\frac{P\times R\times T}{100}$$

=> $$P+(\frac{P\times r \times8}{100})=2P$$

=> $$\frac{P\times8r}{100}=2P-P=P$$

=> $$r=\frac{100}{8}=12.5\%$$

=> Ans - (C)

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