Question

In what time will a sum of money double itself @ 20% per annum (p.A.) simple interest? Select one:



a. 4 years



b. 2 years



c. 5 years



d. 10 years

Answer 1

The time it would take to double the sum of money could be found out using the following formula i.e. 1/rate of interest p.a.

In the given case it is 20% p.a. so the time it would take would be

1/20% = 1/.2 =5 Years.

Therefore the time taken to double a sum of money at 20% p.a. is 5 Years.

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