A sum of money lent out at simple interest, doubles itself in $8$ years. Find the rate of interest.

10 %

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12.5 %

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14.5 %

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17 %

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Solution

The correct option is B $12.5 %$
Simple Interest $I = \frac{P N R}{100}$
Given, $Amount A = 2 P$ , $I = A - P = 2 P - P = P$ and $N = 8$ years
So, $P = \frac{P \times 8 \times R}{100}$
$\Rightarrow R = 12.5$ $%$

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A sum of money lent out at simple interest, doubles itself in 8 years. Find the rate of interest.

The correct option is B 12.5%Simple Interest I=PNR100 Given, Amount A=2P, I=A−P=2P−P=P and N=8 years So, P=P×8×R100 ⇒R=12.5 %

A sum of money lent out at simple interest, doubles itself in $8$ years. Find the rate of interest.

The correct option is B $12.5 %$
Simple Interest $I = \frac{P N R}{100}$
Given, $Amount A = 2 P$ , $I = A - P = 2 P - P = P$ and $N = 8$ years
So, $P = \frac{P \times 8 \times R}{100}$
$\Rightarrow R = 12.5$ $%$