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    Question

    If a sum of money doubles in 5 years at simple interest,

    what is the rate of interest per annum?
    A 10% Correct Answer Incorrect Answer
    B 12% Correct Answer Incorrect Answer
    C 15% Correct Answer Incorrect Answer
    D 20% Correct Answer Incorrect Answer

    Solution

    Let the principal be P. Simple Interest (SI) = P, since it doubles. SI = P * Rate * Time / 100 → P = P * Rate * 5 / 100. Rate = (100 / 5) = 20%.

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