Question 56

If a sum of money doubles itself in 8 yrs, then the interest rate in percentage is ?

Solution

Let the sum = $$Rs.$$ $$x$$ and rate of interest = $$r\%$$

=> Amount after 8 years = $$Rs.$$ $$2x$$

=> Simple interest = $$(2x-x)=Rs.$$ $$x$$

Also, SI = $$\frac{P \times r \times t}{100}$$

=> $$\frac{x \times r \times 8}{100}=x$$

=> $$r=\frac{100}{8}=12\frac{1}{2}\%$$

=> Ans - (D)

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