Question 40

In how many years will an amount be doubled at 28.75% annual rate of interest?

Solution

Let P be the sum which gets doubled in T years

Simple Interest = 2P-P=P

$$Simple Interest =\frac{Principal \times Rate\times Year}{100}$$

$$P=\frac{2P \times R \times T}{100}$$

$$P=\frac{2P \times 28.75 \times T}{100}$$

$$T=\frac{100}{28.75}$$

$$T=3.47 years$$

Option C is correct.

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