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At simple interest, a sum doubles after 20 years. The rate of interest per annum is?

5%
10%
12%
Data inadequate

Correct Answer: 5%

Explanation:

Let sum = P, then SI = P and Time = 20 years
∴ Required rate = (100 x SI)/(P x T) = (100 x P) / (P x 20) = 5% per annum

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