A sum becomes 6 fold at 5% per annum. At what rate, the sum becomes 12 fold?

10%
12%
9%
11%

Correct Answer: 11%

Explanation:

SI at 5% = 6P - P = 5P
∴ 5P = (P x 5 x T) /100
⇒ T = 100 yr
Now, for new rate (R),
11P = (P x R x 100)/100
∴ R =11%

More Questions from Simple Interest

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