Question

In how many years will a sum of money double
itself at the rate of 5% per annum?​

Answer 1

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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