Question

Let us calculate period of time for which a sum of money becomes twice having the rate of interest of 6% per annum
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Answer 1

Answer:

Let the principal amount be Rs. x

Final Amount according to the question is Rs. 2x

Hence Simple Interest is calculated as:

⇒ Amount = SI + Principal

⇒ SI = Amount - Principal

⇒ SI = 2x - x

⇒ SI = x

The formula for calculating Simple Interest is given as:

$\boxed{ \bf{SI = \dfrac{PRT}{100}}}$

where,

P = x

R = 6%

SI = x

T = ?

Substituting the values we get:

$\implies x = \dfrac{ x \times 6 \times T}{100}\\\\\\\implies T = \dfrac{100 \times x}{6 \times x}\\\\\\\implies T = \dfrac{100 x}{6 x}\\\\\\\implies T = \dfrac{50}{3}\\\\\\\boxed{ \bf{ T = \textbf{16.67 years}}}$