at what rate per cent willa sum of money double itself at the rate of 5% per annum
Answers
Answer:
A=P(1+
100
rt
)
where
P=Principal
r=interest rate
t=time (in years)=12 (given)
After 12 years, Sum of money doubles itself,
that is A=2P
Now apply the formula,
A=P(1+
100
rt
)
2P=P(1+
100
12r
)
2=1+
100
12r
1=
100
12r
Therefore,
r=
12
100
=8
3
1
percent
Step-by-step explanation:
A=P(1+
100
rt
)
where
P=Principal
r=interest rate
t=time (in years)=12 (given)
After 12 years, Sum of money doubles itself,
that is A=2P
Now apply the formula,
A=P(1+
100
rt
)
2P=P(1+
100
12r
)
2=1+
100
12r
1=
100
12r
Therefore,
r=
12
100
=8
3
1
percent
Answer:
Step-by-step explanation:
Considering as Simple InterestA=P(1+TR%)
Given that, A=2P for T=5 years and R%=?
⇒2P=P(1+5R%)
2=1+5R%
5R%=1
R%=15
R%=20%
Check: Let principal be 100, A=100(1+5×20%)
A=200
If the interest is compounded.
A=P(1+R%)5
2P=P(1+R%)5
2=(1+R%)5
215=1+R%
1.1487–1=R%
R%=0.1487
R%=14.87%