Question

In how many years will a sum of money double itself at 10% per annum simple interest?

• A. 4 years
• B. 8 years
• C. 10 years
• D. 6 years

Answer 1

Answer:

C. 10 years

Given:

the sum of money doubles itself.

Rate = 10% 

Concept used:

 $S.I.=\frac{PRT}{100}$

Amount = P + SI

Calculation:

Amount = 2P = P + P

Let the Principal be 100, then Simple Interest = 100

$⇒100=\frac{(100\times{10}\times{T})}{100}$

⇒ T = 10 years

∴ Time taken is 10 years.