At what rate of simple interest will a sum of money double itself in 20 years?
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Let the principle = x
Time = 20 years
R =?
and Amount A = 2x
We know that,
A = P ( 1 + TR /100)
2x= x ( 1+ 20 R /100)
2x / x = 1+ 20 R /100
2-1 = R / 5
R =5*1=5%
At 5% simple interest, a sum of money doubles itself in 20 years.
Time = 20 years
R =?
and Amount A = 2x
We know that,
A = P ( 1 + TR /100)
2x= x ( 1+ 20 R /100)
2x / x = 1+ 20 R /100
2-1 = R / 5
R =5*1=5%
At 5% simple interest, a sum of money doubles itself in 20 years.
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