Question

an amount of money double itself in 10 years what is the rate of interest ?

Answer 1

10% will be the rate of interest ...

Answer 2

GIVEN,

time= 10 years.

TO FIND,

the amount doubles itself in 10 years then the rate of interest.

SOLUTION,

let the principal be X

given time= 10 years

amount after 10 years gets doubled,

amount = 2X

we know that, SI= AMOUNT- PRINCIPAL

                        SI= 2X- X

                        SI= X

now using the SI formula,

SI= $\frac{P*R*T}{100}$

making R the subject of the equation and substituting the values, we get,

R= $\frac{SI*100}{P*T}$

R= $\frac{X*100}{X*10}$

R= 10%

THEREFORE THE RATE OF INTEREST IS 10%.