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

$7\frac{4}{5}$% 8% $8\frac{1}{3}$% $7\frac{1}{2}$%

$8\frac{1}{3}$%

Let initial sum = P & Required amount = 2P Amount = Principal + Simple Interest 2P = P + Simple Interest Simple Interest = 2P - P = P We know , Simple Interest = \(\frac{Principal ×Rate × Time }{100}\) P = \(\frac{P ×Rate × 12 }{100}\) Rate = 8\(\frac{1}{3}\)%