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A sum of money doubles itself in 10 years at simple interest. What is the rate of interest?
  • a)
    10%
  • b)
    20%
  • c)
    30%
  • d)
    15%
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
A sum of money doubles itself in 10 years at simple interest. What is ...
Let the sum be Rs 100
After 10 years it becomes Rs 200
Therefore Interest = Rs 200 – Rs 100 = Rs 100
Then, Rate = (100 × I)/ (P × T)
= (100 × 100)/ (100 × 10) 
= 10% 
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A sum of money doubles itself in 10 years at simple interest. What is the rate of interest?a)10%b)20%c)30%d)15%Correct answer is option 'A'. Can you explain this answer?
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