Question

16. A sum of money becomes 2 times of itself in 5 years at a certain rate of interest. Find
the rate of interest.
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Answer 1

Answer:

560 is the answer

Step-by-step explanation:

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Answer 2

Answer:

I think the rate of interest is 20%

Step-by-step explanation:

time: 5 years

principal: x

amount: 2x

let's try the first formula amount= principal+ interest.

let's say interest= y, then

a = p + I 2x=x+y

2x-x = y

x = y

here we get that x = y which means our interest is equal to our principal

so now we have the following information

time: 5 years

principal: x

amount: 2x

interest: x (because x is equal to y)

now let's try our second formula. simple interest = principal × rate of interest × time / 100

let's say rate of interest is z here, then

si = p×r×t/100

x = x × z × 5 / 100

x = x × z / 20

20x = x × z

20x/x = z

so 20 = z

hence our rate of interest is 20%.

that was my explanation hope it helps