Question

A sum of money doubles itself in 6 years in how many yearsit becomes 6 times at same rate of si

Answer 1

The simple interest factor :

Principle × rate × time

Let the principle amount be p

Then the interest is :

6 × P × r = 6pr

Accumulated amount = 2p

2p = p + 6pr

6pr = p

r = 1/6

r = 0.1667

= 0.1667 × 100 = 16.67%

When accumulated amount becomes 6p

P × 0.1667 × t = 6p

0.1667pt = 6p

t = 6/0.1667

t = 35.993

t = 36 years