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AFCAT I 2011 Solved Paper
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© examsnet.com
Question : 59
Total: 100
At what rate of annual simple interest will Rs. 10000 double in 15 years?
5.5%
8%
6.67%
7.25%
Validate
Solution:
In case of Simple interest, total amount
A
is,
A
=
P
(
1
+
r
t
100
)
where
P
=
Principal ( given 10000)
r
=
interest rate
t
=
time (in years)
=
15
(given)
After 15 years, Sum of money doubles itself, that is
A
=
20000
Now apply the formula,
20000
=
10000
(
1
+
r
15
100
)
20000
=
10000
(
1
+
15
r
100
)
2
=
1
+
15
r
100
1
=
15
r
100
Therefore,
r
=
100
15
=
6.67
%
© examsnet.com
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