In how many years will a sum of money become double of itself at 12% per annum on simple interest ?

$8\frac{1}{3}$

Simple interest = \(\frac{P × R ×T}{100}\)

Amount = Principal + SI

Let us consider that principal = P

So, Amount = 2 P

SI = 2P - P = P

P = \(\frac{P × 12 ×T}{100}\)

T = \(\frac{100}{12}\)

T = \(\frac{25}{3}\)

The correct answer is option (3) : $8\frac{1}{3}$