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Time required to double principal

CMAT 2018 · Quantitative Techniques & Data Interpretation · Easy · Arithmetic

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In how many years will Rs. 2 lakh double itself at 11.5% per annum simple interest?

  1. A.

    Less than 8

  2. B.

    Between 8 and 9

  3. C.

    9.3

  4. D.

    10.5

Answer

B

Explanation

To double the principal using simple interest, Simple Interest I=PI = P. P=P×R×T100  ⟹  T=100R=10011.5≈8.695P = \frac{P \times R \times T}{100} \implies T = \frac{100}{R} = \frac{100}{11.5} \approx 8.695 years. This lies between 8 and 9 years.

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