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A certain sum becomes 3 fold at 4% annual rate of interest. At what rate, it will become 6 fold?
A) 10%
B) 12%
C) 8%
D) 9%
Correct answer:
A) 10%
Description for Correct answer:
Let the sum be P.
Then, for 4%
SI = (3P-P)=2P
2P = \( \Large \frac{P\times 4\times T}{100} \)=> 1=\( \Large \frac{2T}{100} \)=\( \Large \frac{T}{50} \)
T = 50yr
Again, for another rate (R),
SI =(6P-P) =5P
5P = \( \Large \frac{P\times R\times 50}{100}=\frac{PR}{2} \)
R = 10%
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