New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    A sum of money doubles itself in 5 years at simple

    interest. What is the rate of interest per annum?
    A 10% Correct Answer Incorrect Answer
    B 12% Correct Answer Incorrect Answer
    C 15% Correct Answer Incorrect Answer
    D 20% Correct Answer Incorrect Answer

    Solution

    Let the principal be P, and the rate be R%. The amount after 5 years = 2P. Using the formula for simple interest: Amount = P(1 + rt/100), 2P = P(1 + 5R/100). Solving, we get R = 20%. Correct Option: d) 20%

    Practice Next

    Relevant for Exams: