Multiple Choice Questions on In how many years will a sum of money double itself at 12 per annum ........ for Mathematics - All Exams Preparation

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Multiple Choice Questions

In how many years will a sum of money double itself at 12 per annum ........

Quant (SSC) Simple Interest
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    In how many years will a sum of money double itself at 12% per annum?

    8 yrs. 6 months

    Incorrect Answer

    6 yrs. 9 months

    Incorrect Answer

    8 yrs. 4 months

    Correct Answer

    7 yrs. 6 months

    Incorrect Answer
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    Explanation:

    Let the principal be x, Amount = 2x, then
    SI = (Amount – Principal) = 2x – x = x
    Time = SI × 100 /Principal × Rate
    = x × 100 /x × 12 = 50/6 = 25/3
    = 8 years 4 months

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