A certain sum of money was deposited in the bank and it became two-fold in 10 years, what is the rate of simple interest? - Mathematics

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MCQ

A certain sum of money was deposited in the bank and it became two-fold in 10 years, what is the rate of simple interest?

Options

  • 8%

  • 10%

  • 12%

  • 13%

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Solution

10%

Explanation:

Let Principal P = P, Amount = 2P, SI = 2P − P = P

R =?; T = 10 year

`("P"xx"R"xx10)/100="P"` .... `∵ "SI"="PRT"/100`

R = 10%

Concept: Simple and Compound Interest
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