Question

1. At what rate of simple interest will the sum of money double itself in 6 years?

2. Find the simple interest at the rate of 5% p.a. for 3 years on that principal which in 4 years, 8 months at the rate of 5% p.a. gives $1200 as simple interest.

Answer 1

for 1st year:
Principal=$1200
Rate= 5% p.a.
Time= 3 years
Interest = P*R*T/100
=$1200*5*1/100
=60
Amount =principal+interest
=1200*60
=72000 and so on