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If a certain sum of money becomes doubles at simple interest in 12 years, what would be the rate of interest per annum?
Answer & Solution
Correct Answer:
Option
A
Let,
Principal, P = Rs. 100;
Amount, A = Rs. 200;
Time = 12 years;
Interest = Rs. 100;
Rate of interest
$$\eqalign{ & = \frac{{{\text{Total Interest}}}}{{{\text{Given Time}}}} \cr & = \frac{{100}}{{12}} \cr & = 8\frac{1}{3}\% \cr} $$
$$\eqalign{ & = \frac{{{\text{Total Interest}}}}{{{\text{Given Time}}}} \cr & = \frac{{100}}{{12}} \cr & = 8\frac{1}{3}\% \cr} $$
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