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At what rate percent per annum calculated in simple interest will a sum of money double in 10 years?

A) 10%
B) 12%
C) 12.50%
D) 13.50%

Correct Answer:

A) 10%

Description for Correct answer:

Let P = Rs.P, A = Rs.P, t = 10 years

We know that \( \Large A = P \left(1 + \frac{rt}{100}\right) \)

=> \( \Large 2P = P \left(1 + \frac{10r}{100}\right) \)

=> \( \Large 1 = \frac{r}{10} \)

=> r = 10%

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

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