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In how many years will a sum of money double itself at 12% per annum?

6 years 9 months
8 years 4 months
7 years 6 months
8 years 6 months

Correct Answer: 8 years 4 months

Explanation:

Let principal = P.
Then, S.I = P,
Rate (R) = 12%
Time = (100 x SI) / (R x P) = (100 x P) / (P x 12) years
= 25/3 years
= 8 years 4 months

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