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AFCAT Model Paper 5

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Question : 67 of 100

Marks: +1, -0

A certain sum of money will be doubled in 15 years at the rate of simple interest percent per annum is

$25\%$
$5\frac{1}{2}\%$
$6\%$
$6\frac{2}{3}\%$

Solution:

Given:

Time = 15 years

Formula used:

SI = \frac{P \times R \times T}{100}

Amount, (A) = P + SI

Where, SI, P, R and T are the Simple interest, Principal, Rate and Time respectively

Calculation:

Let P be the principal

SI = 2P – P = P

\Rightarrow P = \frac{P \times R \times T}{100}

\Rightarrow P = \frac{P \times R \times 15}{100}

\Rightarrow R = \frac{100}{15} = \frac{20}{3}

∴ The required rate is $6\frac{2}{3}\%$

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