At what rate of simple interest a sum of money will double itself after 6 years
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Let the sum of money (principal) be x.
Time = 6 years
Amount = 2x
Simple Interest = Amount - Principal = 2x-x = x
Rate = S.I.*100/ P*T = x*100/x*6= 50/3 = 16.66%
Therefore, the rate will be 16.66 percent.
Time = 6 years
Amount = 2x
Simple Interest = Amount - Principal = 2x-x = x
Rate = S.I.*100/ P*T = x*100/x*6= 50/3 = 16.66%
Therefore, the rate will be 16.66 percent.
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