Question
Download Solution PDFA sum of Rs. 1200 at simple interest doubles itself in 8 years. The rate of interest is ______ percent per year.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
P = 1200, T = 8 years
Formula Used:
Amount = Principal + Simple Interest
Simple interest = \(\frac{P× R× T}{100}\)
Calculation:
Using the above formula -
⇒ 2 × 1200 = 1200 + \(\frac{1200× R× 8}{100}\)
⇒ 2400 - 1200 = 96 R
⇒ 1200/96 = R = 12.5 %
∴ The correct answer is 12.5
Last updated on Mar 19, 2025
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