A sum invested at SI will be twice in 12 yr. Find the rate of interest.
- A. 10%
- B. 8.33% ✓
- C. 15%
- D. 5%
Correct Answer: B. 8.33%
Explanation
For a sum to double at Simple Interest, SI = P. So, P = \frac{P \times R \times 12}{100} \Rightarrow R = \frac{100}{12} = 8.33\%.
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