Question

If a sum of money barrowed on simple interest doubles in 20 years, the rate of interest is ____​

Answer 1

Answer:

10% is the rate of interest

Step-by-step explanation:

Let's assume Principal (P) = 100

Time (T) = 20

Amount (A) = double the Principal = 2 x P = 200

Then, A = (P x R x T)/100

⇒  200 = (100 x R x 20)/100

⇒ 200 = 20R

⇒ R =  10

Hence the interest rate is 10%