Simple Interest Practice Test 2

Question : 34 of 40

Marks: +1, -0

In how many years will a sum of money double itself at 12% per annum?

Solution:

Let the sum of money = Rs 100
Simple interest = Rs 100
Rate = 12%
Time = T

T={SI×100}/{P×R}

={100×100}/{100×12}=100/12

= 8 years, 4 months

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