Multiple choice

At what rate percent per annum simple interest will a sum of money double itself in $6$ years?

  1. $16.6$
  2. $14.6$
  3. $15.6$
  4. $13.6$
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A Correct answer
Explanation

Simple Interest = Principal. SI = P * r * t / 100. P = P * r * 6 / 100. r = 100 / 6 = 16.66%.

AI explanation

To double the sum, the simple interest earned must equal the principal itself, meaning Principal equals (Principal times Rate times 6) divided by 100. Simplifying this gives 100 equals 6 times Rate, so the Rate is 100 divided by 6, which is 16.6 percent.

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