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A sum of money becomes its double in 20 years. Find the annual rate of simple interest:

A10%

B7%

C5%

D4%

Answer:

C. 5%

Read Explanation:

If a sum of money becomes its n times in N years, then the rate of interest = (n - 1)100/N So here Rate of interest R = (2 -1)100/20 = 100/20 = 5%


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