Question

at what rate of simple interest will a sum of money double itself in 10 years​

Answer 1

Step-by-step explanation:

A simple tool is the rule of 72. 72/interest rate = time to double. So 72/10 years = about 7.2% annual interest doubles in 10 years.

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Answer 2

Answer:

Let the principal be =x

Then,in 2 years the amount will be- x×2=2x

Now,interest= amount - principal=2x - x = 1x

Time= 10 year

Rate=?

Now, RATE= interest/principal×100/time

So, R=1X/X × 100/10

R=10%

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