What is the rate of interest p.c.p.a.? (Bank P.O., 2009) I. The amount doubles itself in 10 years. II. The simple interest accrued in 5 years is ₹5000.
Answer
SELF-PRACTICE — the source book printed no answer.
Nothing is invented here, so this question has no answer on record.
Explanation
I. gives, $P=₹x$, S.I. $=₹x$, $T=10$ yrs. $\therefore$ Rate $=\left(\frac{\text{S.I.} \times 100}{P \times T}\right)=\left(\frac{x \times 100}{x \times 10}\right)\%=10\%$. II. gives, S.I. = 5000, $T=5$ yrs. Since $P$ is still unknown, $R$ cannot be calculated. Thus, only I gives the answer. ∴ Correct answer is (a).
Explanation as extracted from the printed page; notation may be imperfect.