Question

A sum of money double itself in 12 years find the rate of interest per annum

Answer 1

Answer:

The interest rate is 5.95% p.a.  (approx).

Step-by-step explanation:

Assuming compounding interest, compounded annually.

The amount after n years is

A = ( 1 + r )ⁿ P

where P is the principal, r is the rate per annum, and n is the number of years.

Given:  When n = 12, A = 2P.

So:

2P = ( 1 + r )¹² P

=> ( 1 + r )¹² = 2

=> 1 + r = ¹²√2

=> r =  ¹²√2 - 1

=> r ≈ 0.0595 = 5.95%

Answer 2

let principal be x
so amount is 2x
then si is (amount-principal)= x
rate = x*100/x*12
= 100/12
= 8.33%
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