Question

A sum of money doubles itself in 6 years. What is the rate of interest?​

Answer 1

Let the sum of money that's principal be x.

Time= 6 years

Amount after 6 years becomes double=2x

Therefore,

Simple Interest = Amount - Principal

=2x-x

Rate Per Annum = SI×100/P×T

= X×100/X×6

= 100/6

= 16.7% (approx)

Then,

We get interest of 6 years is 16.7% (approx)

Answer By

Shreya