Math, asked by ayarvasant, 4 months ago

5. A Bank promises to double the principal invested by their customers in 10 years. What

is the rate of simple interest offered by the bank?

a) 8%

b) 10%

c) 12%

d) 7%​

Answers

Answered by pulakmath007
4

SOLUTION

TO CHOOSE THE CORRECT OPTION

A Bank promises to double the principal invested by their customers in 10 years. The rate of simple interest offered by the bank

a) 8%

b) 10%

c) 12%

d) 7%

EVALUATION

Let Principal of money borrowed = P

R = Rate of interest per annum

T = Time period for which money is borrowed = 10 years

I = Simple Interest = 2P - P = P

So by the law of calculating simple interest we have

 \displaystyle \sf{I =  \frac{PRT}{100} }

 \displaystyle \sf{ \implies \:P =  \frac{P \times R \times 10}{100} }

 \displaystyle \sf{ \implies \: \frac{R }{10} = 1 }

 \displaystyle \sf{ \implies \: R  = 10 }

Hence the required rate of interest = 10%

FINAL ANSWER

Hence the correct option is b) 10%

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Answered by amitnrw
0

Given :  bank promise to double the principal invested by their customers in 10 years

To Find  : rate of simple interest offered by the bank

Solution:

Amount deposited = P

Amount after 10 years A = 2P

Simple interest  = A - P = 2P - P = P

R = ?

T = 10

SI = P * R * T /100

=> P  = P * R * 10 /100

=> 1 = R/10

=> R = 10

rate of simple interest offered by the bank is 10 %

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