Question

At what rate of simple interest will a sum of money double itself in 20 years?

I NEED THE PROCESS PLZZ​

Answer 1

Let the money be 100.

After double itself = 200

so, Interest = 200 - 100 = 100

Time = 20 years

Let Rate = x.

Interest = (PTR/100)

=> 100 = (100 * x * 20)/100

=> 10000 = 2000 * x

=> x = 5

Hence, Rate of interest = 5%

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