Question

A sum of money doubles itself in 6years .Find the rate of simple interest per annum

Answer 1

Answer:

Let the sum of money be P . Then, amount A= 2P

Thus, interest I = A - P

⇒ 2P(amount) - P(sum of money)

⇒I = P

Also, I = P×R×T/100

→P = (P×R×6)/100

→R = (100×P)/(6×P)

→R = 50/3%

∴Rate of interest = 16 2/3%

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