Question

at what rate the sum of money doubles itself at the rate of 5% per annum

Answer 1

Answer:

In how many years will a sum of money double itself at the rate of 5% per annum?

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Let Principal be P. Rate of interest = 5%

Assuming Simple Interest,

SI = P {since the money doubles}

P X T X 5/100 = P

T = 100/5 = 20 years

Assuming annually compounded interest ,

P = 2P

= 2

T is between 14 to 15 years.

If T = 14 years, the principal is a bit less than double, hence approximately T = 15 years.

Step-by-step explanation:

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Answer 2

Answer:

in ten years

5%x 10= 50 %

therefore in 10 years

150% of money