Question

An amount becomes double in 5 years at the interest of 5% per annum.Then, at what rate it will be 5 times in the same period of time?
Explain With Process.​

Answer 1

Case 1

Principal=???(P)

Rate of interest=5%p.a

Time=5years

Simple interest=2P – P

Amount=P+SI=2P

Case 2

Principal=P

Rate of interest=??

Time=5years

Amount=P+SI=5P

SI=5p-p

We know that,

Rate of interest=SI/P×T

=5P–P/P×5

=4P/5P

=4/5

=0.8

Therefore,Rate of interest=0.8%

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