Question

At what rate percent per annum will a sum of money double in 8 years.
A) 12.5%
B) 13.5%
C) 11.5%
D) 14.5%

Answer 1

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Answer 2

Answer:

Option (A) is correct

Step-by-step explanation:

Let the Principal = P

Time (T) = 8 years

Let Rate of interest = R%

Amount (A) = 2P

/* We know that,

$\boxed {A =P \big(1+\frac{TR}{100}\big)}$

$\implies 2P = P\big(1+\frac{8R}{100}\big)$

$\implies 2 = \big(1+\frac{8R}{100}\big)$

$\implies 2-1= \big(\frac{8R}{100}\big)$

$\implies 1= \big(\frac{8R}{100}\big)$

$\implies \frac{100}{8}= R$

$\implies R = 12.5\%$

Therefore,

Rate of interest (R) = 12.5%

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