Q.If the annual interest rate is 6%, the time required for the principal to double with interest is — (a) 16 years (b) 17 years (c) 18 years (d) None of the above
Answer: D
Let the principal \((p) = x\) taka ∴ Total interest \((I) = x\) taka Rate of interest \((r) = 6\%\) ∴ Time \((t) = \cfrac{100 \times I}{pr}\) \(= \cfrac{100 \times x}{x \times 6}\) \(= \cfrac{50}{3}\) ∴ Time = \(16\cfrac{2}{3}\) years
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