Question

Find the number of years in which an amount invested at 8% p.a. simple interest doubles itself.

• A. 12 years
• B. 11 years
• C. 12.5 years
• D. 13 years

Answer 1

Answer:

C. 12.5 years

Solution: Given: A certain sum of money becomes double at 8% p.a simple interest. Let us assume the time taken by a Principle ( P ) is T years Formula Used: Simple Interest (S.I) = (P × R × T)/100 Calculation: ⇒ As given The sum doubles itself ⇒ The S.I will be = 2P – P = P ⇒ From the above-given formula ⇒ P = (P× 8× T)/100 ∴ T will be 100/8 = 12.5 years