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At simple interest, a sum becomes 3 times in 20 yr. Find the time, in which the sum will be double at the same rate of interest.

8 yr
10 yr
12 yr
14 yr

Correct Answer: 10 yr

Explanation:

Here, n = 3, m = 2, T₁ = 20 yr
∴ T₂ = [(m -1) / (n - 1)] x T₁
= (2 - 1) / (3 - 1) x 20 = 10 yr

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