Question

If the principal of Rs.1200 doubles in 6 years by simple interest find the rate of interest?

Answer 1

P=1200
I =1200
T=6years
I =p*r*t/100
1200=1200*r*6/100
r=100/6=16.67%p.a

Answer 2

Rate of interest is 33.33 %

Step-by-step explanation:

Given,

Principal , p = 1200

Time , t = 6 years

Simple interest = 2400

Rate, r = ?

We know that,

$SI = \frac{p \times r\times t}{100}$

$2400 = \frac{1200 \times r \times 6}{100}$

$r = \frac{100\times 2400}{1200\times 6}$

$r = \frac{100}{3}$

r = 33.333 %

Rate of interest is 33.33 %