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A sum amounts to double in 8 years by simple interest. Then the rate of simple interest per annumis
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- 10%
- 12.5%
- 15%
- 20%
- 10%
Correct Option: B
Let Principal = Rs. p
Amount = Rs. 2p
∴ Simple Interest = Amount - Principal
Simple Interest = 2p – p = Rs. p
| ∴ Rate = | |
| Principal × Time |
| Rate = | = | ||
| p × 8 | 2 |
Rate = 12.5 % per annum
Second method to solve this question :
Here , n = 2
| R = | × 100 | |
| T |
| R = | × 100% | |
| 8 |
R = 12.5%
