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If a sum of money double itself in 8 years, then the interest rate in percentage is ?
Answer & Solution
Correct Answer:
Option
D
Money is double itself means interest is equal to money.
$$\eqalign{ & {\text{P = }}\frac{{{\text{P}} \times {\text{8}} \times {\text{r}}}}{{100}} \cr & \Rightarrow {\text{r = }}\frac{{100}}{8} \cr & \Rightarrow {\text{r = 12}}\frac{1}{2}\% \cr} $$
$$\eqalign{ & {\text{P = }}\frac{{{\text{P}} \times {\text{8}} \times {\text{r}}}}{{100}} \cr & \Rightarrow {\text{r = }}\frac{{100}}{8} \cr & \Rightarrow {\text{r = 12}}\frac{1}{2}\% \cr} $$
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