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18 vote

At what rate of simple interest will a sum of money double itself in 18 years?

Asked on by | Votes 18 | Views: 33 | Tags: interest     | simple interest     | quantitative aptitude     | Add Bounty

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%


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1 answers

26 vote
Answered by on | Votes 26 |

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

$(\Rightarrow r = \frac{{100}}{{18}} = 5\frac{5}{9})$

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