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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%

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

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