At what rate per cent of simple interest will a sum of money double itself in 12 years?
712%
813%
10%
12%
A
712%
B
10%
C
12%
D
813%
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Solution
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The correct option is B813% In case of Simple interest, total amount A is,
A=P(1+rt100)
where
P=Principal
r=interest rate
t=time (in years)=12 (given)
After 12 years, Sum of money doubles itself,
that is A=2P
Now apply the formula,
A=P(1+rt100)
2P=P(1+12r100)
2=1+12r100
1=12r100
Therefore,
r=10012=813percent
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