Question

At what rate percent of simple interest will a sum of money double itself in 12 years?

Options

• `8 1/4`%

• `8 1/3`%

• `8 1/2`%

• `9 1/2`%

Answer 1

`8 1/3`%

Explanation:

Let sum = ₹ x. Then, S.I. = ₹ 3x

∴ Rate = % = `((100 xx S.L.)/(P xx T))`

= `((100 xx x)/(x xx 12))`%

= `25/3`%

= `8 1/3`%