Question

If a certain sum of money at simple interest doubles itself in 5 years, then what is the rate?

Answer 1

Let sum of money be x
Amount=2x
Simple interest = amount-principal
Simple interest = 2x-x
Simple interest = x

Simple interest = principal*rate*time/100
x=x*rate*5/100
x * 100/x*5 = rate
20= rate

Rate is 20 percent

Thank you!