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At what rate per cent will a sum of money double itself in 30 years?
Question

At what rate per cent will a sum of money double itself in 30 years?

A.

3%

B.

3 1/4 %

C.

3 1/3 %

D.

3 1/2 %

Correct option is C

Given: 

Sum of money double itself in 30 years.

Solution: 

Let the sum be xP=x, SI=x, t=30 yearsAs we know,SI=P×r×t100x=x×r×30100r=10030r=313%\text{Let the sum be } x \\P = x, \, SI = x, \, t = 30 \, \text{years} \\\text{As we know,} \\SI = \frac{P \times r \times t}{100} \\x = \frac{x \times r \times 30}{100} \\r = \frac{100}{30} \\r = 3 \frac{1}{3}\%​​

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