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A sum becomes its double in 10 yr. Find the annual rate of simple interest.
A) 1%
B) 5%
C) 10%
D) 20%
Correct answer:
C) 10%
Description for Correct answer:
Let the sum be P.
Then, after 10 yr
Sum = 2P
SI = 2P - P = P
Now, SI=\( \Large \frac{P\times R\times T}{100} \)=> P=\( \Large \frac{P\times R\times 10}{100} \)
R = 10%
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