At what rate percent per annum will a sum of money double

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At what rate percent per annum will a sum of money double in 8 yr?

1. 12 %
2. 12.5 %
3. 13 %
4. 15 %

Correct Option: B

Let Sum = P, Then SI=P
As Amount A = 2 × P
where , P = Principal

Rate R = (100 × SI)/(P × T)
= (100 × P)/(P × 8) %
= 12.5 %
where , SI= Simple Interest
T= Time