Question

(i) If a principal becomes twice of it in 10 years, then the rate of simple interest
per annum is - (a) 5% (b) 10% (c) 15% (d) 20% and explain it into step by step​

Answer 1

Answer:

It is called Rule of 72. Divide 72 by the interest rate, and it will give you the number of years it will take for your money to double…. 72/7.2=10… ... So with a 10% yearly simple interest, your investment will double in 10 years