Question

A sum of money doubles itself in 5 years.Find the rate of simple interest per annum?

Answer 1

Answer:

$simple \: interest = \frac{prt}{100}$

where, p= principle amount

r= rate of interest

t= time

S.I = A - P

where A = amount received

Let p = x

then A = 2x

S.I = 2x - x

S.I = x

(prt)/100 = x

(xr5)/100 = x

r = x×100/(5x)

r = 20

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