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    Question

    At what rate of simple interest per annum will a sum of

    money become double in 12 years?
    A 6% Correct Answer Incorrect Answer
    B 8â…“% Correct Answer Incorrect Answer
    C 8% Correct Answer Incorrect Answer
    D 10% Correct Answer Incorrect Answer

    Solution

    ATQ, To double, Amount = 2P Simple Interest = A − P = P SI formula: SI = (P × R × T)/100 P = (P × R × 12)/100 Cancel P (P > 0): 1 = (R × 12)/100 R = 100 / 12 = 25/3 = 8⅓%

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