A sum of money doubles itself at simple interest in 8 years. What is the rate of interest per annum?

Topic: Interest
Subtopic: Simple Interest

A10%

B11.5%

C12.5%

D15%

Explanation

Let Principal P = 100, Interest SI = 100. Time T = 8 years. Rate R = (SI * 100) / (P * T) = (100 * 100) / (100 * 8) = 12.5%.

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