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Question

In how many years will a sum of money double itself at 12% per annum?
6 years 9 months
7 years 6 months
8 years 3 months
8 years 4 months

A

7 years 6 months

B

8 years 3 months

C

8 years 4 months

D

6 years 9 months

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Solution

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Let sum=x
After t year it double then interest=x
Rate of interest=12%
Hence $T i m e = \frac{x \times 100}{x \times 12} = 8 Y e a r s 4 m o n t h s$

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