A sum of money doubles itself in 12 yr if invested at simple interest. What is therate of interest allowed on the investment?
A sum of money doubles itself in 12 yr if invested at simple interest. What is the rate of interest allowed on the investment?
A0.095
B0.0825
C0.085
D0.0833
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Correct answer is: 0.0833
Explanation:
Let,
Principal, P = Rs. 100;
Amount, A = Rs. 200;
Time = 12 years;
Interest = Rs. 100;
Rate of interest\(=\frac{\text{Total Interest}}{\text{Given Time}}\)
\(= \frac{100}{12}\)
\(= 8.33\)
\(\text{rate of interest in percentage}\)
\(=\frac{8.33}{100}\)
\(= 0.0833\)
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