Question

In how much time would a sum of money become double if rate of interest is 10 percent per annum?​

Answer 1

Answer:

In 10 years, the amount of money will get doubled at 10%

Step by Step Explanation:

Let the principal amount be 'P'

⇒Simple interest= P (because the money gets doubled if half the doubled amount will be the principal amount then the remaining amount will be its interest). Hence, the interest and the principal amount is equal

Rate at which the amount increases for every year is 10%

Number of years be taken as “T”

Therefore

P=  P×T×10/100

∴P=P×$\frac{T}{10}$

∴T=10

Hence, in 10 years, the amount will be doubled at 10%