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Question

At what rate percent per annum will a sum of money double itself in 20 years.

A
5%
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B
10%
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C
7.5%
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D
15%
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Solution

The correct option is A 5%
Given, time = 20 years.
Let the sum invested be ₹ 100.
So, the Amount received after 20 years = ₹ 200.

We know that,
Principal + Interest = Amount.
Hence, Interest = Amount - Principal = ₹ (200-100) = ₹ 100.

The Simple Interest earned on a sum of ₹ P for a period of T years at the rate of R% p.a S.I is given by P× R× T100.

So, ₹ 100 = 100× R× 20100
Hence, R = 5%.

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