Q.At what annual percentage rate of interest will a principal amount double in 16\(\cfrac{2}{3}\) years? (a) 4% (b) 5% (c) 6% (d) 8%
Answer: C
Doubling a principal amount with interest means:
Principal \((p)= x\) rupees
Interest amount \((I)= x\) rupees
Time \((t)=16\cfrac{2}{3} \) years \(=\cfrac{50}{3} \) years

Rate of interest \((r)=\cfrac{100\times I}{pt}\)

\(=\cfrac{100\times x}{x\times \cfrac{50}{3}}\)

\(=\cfrac{100\times x \times 3}{x\times 50}\)

\(=6\%\)

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