Question

A sum of money double in 10 years the rate of interest per annum
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Answer 1

Answer:

First, you should know the equation of simple compound interest.

FV = PV(1 + i*n)

in which FV = future value, PV = present value, i = interest rate in one period, n = number of period

In this case, the period is 10 years. After 10 years, FV = 2PV

=> 2PV = PV(1 + i*n)

<=> 2 = 1+ i*n

<=> i*n = 1

<=> 10i = 1 <=> i = 0.1 = 10%

So, the interest rate here is 10%.

Step-by-step explanation:

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Answer 2

Answer:

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refer to attachment