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Basic Mathematics QUESTION #2840
Question 1
A sum of money doubles itself at Simple Interest in 10 years. What is the rate of interest per annum?
  • 8%
  • 10%✔️
  • 12%
  • 15%
Correct Answer Explanation
If principal \(= P\), then SI \(= P\) (since it doubles). \(P = \dfrac{P \times R \times 10}{100} \Rightarrow 1 = \dfrac{R \times 10}{100} \Rightarrow R = 10\%\) per annum.