In what time does a sum of money amount to twice of itself at the simple interest of 25% per annum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 4 years
Let the sum of money be P and, time be T years-
So,
Simple Interest =
Since, the amount of money doubles itself -
So,
Simple Interest = P
So, the amount of money will double itself in 4 years.