At what rate of simple interest per annu

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

At what rate of simple interest per annum will a sum double itself in 8 years?

Options:

12.5%

10.5%

15.5%

6.25%

Correct Answer:

12.5%

Explanation:

Let principal = 1

ATQ,

Amount = 2 × 1 = 2

So, S.I. = 1

Now,

S.I. = \(\frac{P\;R\;T}{100}\)

1 = \(\frac{1\;R\;8}{100}\)

R = \(\frac{100}{8}\) = 12.5 %