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At which rate of simple interest does an amount become double...

This question belongs to Arithmetic Ability Interest
Interest
?

At which rate of simple interest does an amount become double in 12 years?

Answer & Solution
Correct Answer: Option C
$$\eqalign{ & 1 = \frac{{1 \times 12 \times r}}{{100}} \cr & r = 8\frac{1}{3}\% \cr} $$
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