a bank promise to double the principal invested by their customers in 10 years what is the rate of simple interest offered by the bank
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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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