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The rate of simple interest per annum at which a sum of money doubles itself in 20 years is


1. 5%
2. 7%
3. 8%
4. 6%

1 Answer

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Best answer
Correct Answer - Option 1 : 5%

Given: 

Money gets doubled in 20 years.

Formula used:

Simple Interest = (Principal × Rate × Time)/100

Calculation:

Time = 20 year 

Amount double = 2p

Interest = 2p - p = p

Rate = (S.I. × 100)/(Time × Principal)

Rate = (p × 100)/(20 × p)

Rate = 5%

∴ The rate of interest is 5%

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