Question

At what rate percent per annum will a sum of money double in 16 years in simple interest plan?

• A. 6 1/4%p.a.
• B. 3 1/3%p.a.
• C. 4 1/7%p.a.
• D. 8 1/3%p.a.

Answer 1

Answer:

A. 6 1/4%p.a.

R = (N-1) X 100/T % [Where N =2(double); T=16 years] R=(2-1) X 100/16 % =100/16 % =6 1/4%