Question

2. at what rate of simple anumn, will 10000 to 12100 I'm 3 years
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Answer 1

Answer:

The answer is 6.67% per annum

While calculating simple interest we look for 4 parameters:

Principal(P): which is 10000 in this case

Rate(R): which is to be calculated

Time(T): which is 15 years in the problem

Amount(A): since the principal doubles itself in 15 years, the amount will be 20000

Applying the formula for amount,

A= P+ (P*R*T)/100

We get,

20000= 10000+ (10000*R*15)/100

On solving the above equation for R, we get

R= 6.67% per annum.