Question

Find the rate of interest if a sum of money gets doubled in 16 years.​

Answer 1

Answer:

16%

Step-by-step explanation:

Let the Principle (P) be x.

:. Amount (A) = 2x

:. Interest (I) = 2x -x = x

Time (T) = 16 years

I = P×R×T/100

or, x = x × R × 16/100

or, x/x = 16R/100

or, 1 = 16R/100

or, R= 16/100

= 16%

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