In how many years will a sum of money double
itself at the rate of 5% per annum?
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Step-by-step explanation:
Let principle be P
Given, that this sum of money gets doubled, so,
Amount = 2P
S.I = Amount - Principle
= 2P - P
= P
Given, R = 5%
We have to find time.
Time = S.I × 100 / P × R
= P × 100 / P × 5
= 20 years
Hence after 20 years, The sum of money at 5% per annum simple interest will get doubled.
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