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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.