Question

If a sum of money doubles itself in 16 years,then the rate of interest is

Answer 1

SOLUTION

GIVEN

A sum of money doubles itself in 16 years

TO DETERMINE

The rate of interest

EVALUATION

Let P be the amount

Now it is given that the money doubles itself in 16 years

So principal = P

Interest = 2P - P = P

Time = 16 years

Let Rate of interest = r%

So by the given condition

$\displaystyle \sf{P = \frac{P \times r \times 16}{100} }$

$\displaystyle \sf{ \implies \: 1= \frac{ 16r}{100} }$

$\displaystyle \sf{ \implies \: r = \frac{100}{16} }$

$\displaystyle \sf{ \implies \: r = \frac{25}{4} }$

$\displaystyle \sf{ \implies \: r = 6.25 }$

Hence the required rate of interest = 6.25%

━━━━━━━━━━━━━━━━

Learn more from Brainly :-

1. If The compound interest on a certain sum of money for 3 years at 20% per annum is ₹728, what shall be the sum invested

https://brainly.in/question/33613372

2. a number is decreased by 10% and then increased by 12% find the net increase or decrease percent

https://brainly.in/question/32968202