Question 64

In what time does money becomes double at simple interest rate of 12% per annum?

Solution

Rate $$= 12\% per annum$$

Let P be the sum and becomes double at simple interest rate of 12% per annum.

Simple Interest $$=2P-P=P$$

Now, $$P=\frac{PRT}{100}$$

$$T=\frac{100}{12}=8\frac{1}{3}$$ years

Option C is correct.

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