The rate at which a sum of money will double in 7yrs is
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Let the principal be 100 .
then double itself ( amount ) = 200
Simple interest = (200-100) = 100
Time = 7 years
Rate = SI × 100/ P × T
=> 100×100/100×7
=> 100/7
=> 12 whole 6/7 %
hence the required rate is 12 whole 6/7 % .
then double itself ( amount ) = 200
Simple interest = (200-100) = 100
Time = 7 years
Rate = SI × 100/ P × T
=> 100×100/100×7
=> 100/7
=> 12 whole 6/7 %
hence the required rate is 12 whole 6/7 % .
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