Question : At what percent of simple interest will a sum of money double itself in 15 years?
Option 1: $6\frac{1}{3}$%
Option 2: $6\frac{2}{3}$%
Option 3: $6\frac{1}{2}$%
Option 4: $6$%
Correct Answer: $6\frac{2}{3}$%
Solution :
Let the principal be Rs. $P$.
As the amount doubles itself, the interest is Rs. $P$.
Rate = $r$
So, Simple interest = $\frac{\text{Principal×Rate×Time}}{100}$
⇒ $P =\frac{P×r×15}{100}$
⇒ $r =\frac{100}{15}=6\frac{2}{3}$%.
Hence, the correct answer is $6\frac{2}{3}$%.
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