At what rate of simple interest will a sum of money double itself in 18 years?
1). \(5\frac{5}{9}{\rm{\% }}\)
2). \(5\frac{2}{3}{\rm{\% }}\)
3). \(5\frac{5}{2}{\rm{\% }}\)
4). 5%
Let the principal amount be Rs. x.
Simple interest will a sum of money double itself in 18 years. So, the interest will also be Rs. x
Simple interest = P × t × r/100
[Where, P = principal amount, t = duration, r = interest rate]
x = x × 18 × r/100
$(\Rightarrow r = \frac{{100}}{{18}} = 5\frac{5}{9})$