Q: At what rate percent on simple interest will a sum of money double itself in 30 years?
Options:
(A) 3 1/9%
(B) 3 7/3%
(C) 7 1/3%
(D) 5 1/3%
(E) 1 1/3%
A: (A)
Explain how we arrive at this answer:
Explanation: P = (P*30*R)/100
R = 3 1/3%