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simple interest per annum ?In how many years will a sum of money double itself at 6 2 % 3
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- 24 years
- 20 years
- 16 years
- 12 years
- 24 years
Correct Option: C
Let principal is P.
As we know that ,
Time = | |
Principal × Rate |
Time = | = 16 years | |
P × (25 ÷ 4) |
Second method to solve this question :
T = | years | |
R% |
T = | × 100 years | |
25÷4 |
T = 16 years.