Question

A sum of money doubles itself in 5 years at a certain rate of interest.Find the rate of simple interest.​

Answer 1

The rate of interest is $\dfrac{50}{3}\%$

Step-by-step explanation:

A sum of money doubles itself as simple interest in 5 years.

Let sum be P

Simple interest, SI = P

Rate, r = r%

Time, t = 5 years

SI = Prt

$P=P\times r\times 6$

$r=\dfrac{1}{6}\times 100$

$r=\dfrac{50}{3}\%$

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