A sum of money becomes double of itself in 50 months when invested on simple interest. What is the rate of interest per annum?
Answer & explanation
Correct answer: option 4
Time = 50 months
Let sum = P and Amount = 2P
By using formula ,
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
P = \(\frac{P × R × 50 }{100 × 12 }\)
R = 24%