Question

A sum of money will double itself in 16 years at simple interest with a yearly rate of ​

Answer 1

The money doubles itself, it means 100% money is added.

So,

Interest × Time = 100%

Interest × 16 = 100

Interest = 100/16

Interest = 6.25

∴ the simple interest is 6.25% per year.

Answer 2

Answer:

Solution :-

Money doubles means 2x i.e it is 100% increased

Time x Interest = 100%

16 x Interest = 100

Interest = 100/16

Interset = 6.25

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