If a sum becomes double in 10 years, what is the annual rate of simple interest?
Question and options
If a sum becomes double in 10 years, what is the annual rate of simple interest?
- 8%
- 5%
- 10%
- 20%
Answer and explanation
Correct answer: C - 10%
Doubling means interest = principal in 10 years, so P x R x 10/100 = P, giving R = 10%.
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