The simple interest earned on a certain amount is double the amount when invested for 10 years what is the interest rate being offered
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Answer:
20%
Explanation:
Let the principal or the certain amount that was invested in business be Rs x.
Therefore Simple interest = 2 x
Time is 10 years.
By the formula S.I = P *r * t/100
2 x = x * r * 10/100
2x/x = r/10
2 = r/10
20 = r
Thus rate of interest is 20%
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