At what rate of interest a sum of money doubles itself in 10 years in simple interes?
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Here, we have R = 10% and have to calculate t for the sum of the money (that is P) to double. Hence, it will take 10 years for the sum of money to double itself with the rate of 10% per annum
Answered by
1
Answer:
10%
Step-by-step explanation:
Let the principal be x
Time = 10 years
Amount after 10 years gets doubled
So amount = 2x
simple interest = amount - principal
simple interest = 2x - x = x
Rate per annum = SI × 100 / P × T
= x × 100 / x × 10
100x/ 10x = 10
So rate per annum = 10%.
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