at what rate percent per annum will a sum of money double in 16 years?
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Answered by
41
let principle=P
amount=2P
time=16 years
rate of interest=R
I=PTR/100=16PR/100
A=P+I
2P=P+16PR/100
2P=P(1+16R/100)
2=1+4R/25
2=(25+4R)/25
2×25=25+4R
50-25=4R
4R=25
R=25/4=6 1/4%
amount=2P
time=16 years
rate of interest=R
I=PTR/100=16PR/100
A=P+I
2P=P+16PR/100
2P=P(1+16R/100)
2=1+4R/25
2=(25+4R)/25
2×25=25+4R
50-25=4R
4R=25
R=25/4=6 1/4%
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Answered by
12
Answer:
So, Rate = 6.25%
Step-by-step explanation:
Let Principal value = P
⇒ Amount = 2P
Also, Simple Interest = Amount - Principal
Now, Simple Interest = Principal × Rate × Time
⇒ Amount - Principal = Principal × Rate × Time
⇒ 2P - P = P × Rate × 16
⇒ P = P × Rate × 16
⇒ Rate = 1/16 = 0.0625
So, Rate = 0.0625 × 100 = 6.25%
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