Question 68
A sum of money becomes double of itself in 50 months when invested on simple interest. What is the rate of interest per annum ?
Solution
Simple Interest = $$\frac{P \times r \times t}{100}$$ where
P = Principal
r = rate of interest
t = time
Since , the amount is doubled , interest = principal
p = $$\frac{p \times r \times 50}{100 \times 12}$$
r = 24%
So , the answer would be option d)24%.
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