Maths-
General
Easy

Question

At what percent by simple interest will a sum of money double itself in 5 years 4 months?

hintHint:

Use the formula of total amount and then find the rate of interest R.

The correct answer is: 18.75%


    Complete step by step solution:
    Formula for total amount = A = P + SI…(i)
    where A is the total amount, P is the principal amount and SI is simple interest .
    Here, A = 2P and SI = fraction numerator P T R over denominator 100 end fraction
    where P is Principal amount, T is number of years and R is the rate of interest.
    We have, T = 5 years and 4 months = 5 4 over 12 equals 64 over 12 years (given) and R = ?
    On substituting the known values in (i), we have 2 P equals P plus fraction numerator P cross times 64 over 12 cross times R over denominator 100 end fraction.
    Subtract P from both sides.
    Then we have, P equals fraction numerator P cross times 64 over 12 cross times R over denominator 100 end fraction
    table attributes columnalign right left right left right left right left right left right left columnspacing 0em 2em 0em 2em 0em 2em 0em 2em 0em 2em 0em end attributes row cell not stretchy rightwards double arrow 100 equals 64 over 12 R end cell row cell not stretchy rightwards double arrow 1200 equals 64 R end cell row cell not stretchy rightwards double arrow R equals 18.75 straight percent sign end cell end table
    So, we have R = 18.75%
    At 18.75% per annum the sum amount will double itself in 5 years and 4 months.

    Related Questions to study

    General
    Maths-

    A sum of money lent out at simple interest amounts to Rs. 1240 in 4 years and Rs 1360 in 6 years. Find the sum and rate percent?

    A sum of money lent out at simple interest amounts to Rs. 1240 in 4 years and Rs 1360 in 6 years. Find the sum and rate percent?

    Maths-General
    General
    Maths-

    The simple interest on a certain sum is 16/25 of the sum. Find the rate percent and time if both are numerically equal?

    The simple interest on a certain sum is 16/25 of the sum. Find the rate percent and time if both are numerically equal?

    Maths-General
    General
    Maths-

    At what rate percent per annum, simple interest will be Rs. 3600 amount to Rs. 4734 in 3 ½ years?

    At what rate percent per annum, simple interest will be Rs. 3600 amount to Rs. 4734 in 3 ½ years?

    Maths-General
    parallel
    General
    Maths-

    A group of friends decided to divide the straight $ 20 cost of a trip equally among themselves. When two of the friends decided not to go on the trip, those remaining still divided the straight $ 800 cost equally, but each friend's share of the cost increased by. straight $ 20 How many friends were in the group originally?

    A group of friends decided to divide the straight $ 20 cost of a trip equally among themselves. When two of the friends decided not to go on the trip, those remaining still divided the straight $ 800 cost equally, but each friend's share of the cost increased by. straight $ 20 How many friends were in the group originally?

    Maths-General
    General
    Maths-

    Jaime is preparing for a bicycle race. His goal is to bicycle an average of at least 280 miles per week for 4 weeks. He bicycled 240 miles the first week, 310 miles the second week, and 320 miles the third week. Which inequality can be used to represent the number of miles, x , Jaime could bicycle on the 4th week to meet his goal?

    Jaime is preparing for a bicycle race. His goal is to bicycle an average of at least 280 miles per week for 4 weeks. He bicycled 240 miles the first week, 310 miles the second week, and 320 miles the third week. Which inequality can be used to represent the number of miles, x , Jaime could bicycle on the 4th week to meet his goal?

    Maths-General
    General
    Maths-

    A website-hosting service charges businesses a onetime setup fee of straight $ 350 plus d dollars for each month. If a business owner paid straight $ 1 comma 010 for the first 12 months, including the setup fee, what is the value of  d ?

    A website-hosting service charges businesses a onetime setup fee of straight $ 350 plus d dollars for each month. If a business owner paid straight $ 1 comma 010 for the first 12 months, including the setup fee, what is the value of  d ?

    Maths-General
    parallel
    General
    Maths-

    2 left parenthesis 5 x minus 20 right parenthesis minus left parenthesis 15 plus 8 x right parenthesis equals 7
    What value of  satisfies the equation above?

    2 left parenthesis 5 x minus 20 right parenthesis minus left parenthesis 15 plus 8 x right parenthesis equals 7
    What value of  satisfies the equation above?

    Maths-General
    General
    Maths-

    A laboratory supply company produces graduated cylinders, each with an internal radius of 2 inches and an internal height between 7.75 inches and 8 inches. What is one possible volume, rounded to the nearest cubic inch, of a graduated cylinder produced by this company?

    A laboratory supply company produces graduated cylinders, each with an internal radius of 2 inches and an internal height between 7.75 inches and 8 inches. What is one possible volume, rounded to the nearest cubic inch, of a graduated cylinder produced by this company?

    Maths-General
    General
    Maths-

    In the xy-plane, the graph of y equals 3 x squared minus 14 x intersects the graph of y =x at the points (0,0) and (a, a). What is the value of a?

    In the xy-plane, the graph of y equals 3 x squared minus 14 x intersects the graph of y =x at the points (0,0) and (a, a). What is the value of a?

    Maths-General
    parallel
    General
    Maths-

    Snow fell and then stopped for a time. When the snow began to fall again, it fell at a faster rate than it had initially. Assuming that none of the snow melted during the time indicated, which of the following graphs could model the total accumulation of snow versus time?

    Snow fell and then stopped for a time. When the snow began to fall again, it fell at a faster rate than it had initially. Assuming that none of the snow melted during the time indicated, which of the following graphs could model the total accumulation of snow versus time?

    Maths-General
    General
    Maths-

    text  If  end text square root of x plus square root of 9 equals square root of 64 text , what is the value of  end text x text  ?  end text

    text  If  end text square root of x plus square root of 9 equals square root of 64 text , what is the value of  end text x text  ?  end text

    Maths-General
    General
    Maths-

    The line with the equation 4 over 5 x plus 1 third y equals 1 is graphed in the xy-plane. What is the x-coordinate of the x-intercept of the line?

    The line with the equation 4 over 5 x plus 1 third y equals 1 is graphed in the xy-plane. What is the x-coordinate of the x-intercept of the line?

    Maths-General
    parallel
    General
    Maths-


    The table above shows some values of the functions w and t . For which value of x is w left parenthesis x right parenthesis plus t left parenthesis x right parenthesis equals x ?


    The table above shows some values of the functions w and t . For which value of x is w left parenthesis x right parenthesis plus t left parenthesis x right parenthesis equals x ?

    Maths-General
    General
    Maths-

    Solve each inequality and graph the solution :
    fraction numerator negative 3 x over denominator 8 end fraction minus 20 plus 2 x greater than 6

    Note:
    When we have an inequality with the symbols < or > , we use dotted lines to graph them. This is because we do not include the end point of the inequality.

    Solve each inequality and graph the solution :
    fraction numerator negative 3 x over denominator 8 end fraction minus 20 plus 2 x greater than 6

    Maths-General

    Note:
    When we have an inequality with the symbols < or > , we use dotted lines to graph them. This is because we do not include the end point of the inequality.

    General
    Maths-


    The graph above shows the positions of Paul and Mark during a race. Paul and Mark each ran at a constant rate, and Mark was given a head start to shorten the distance he needed to run. Paul finished the race in 6 seconds, and Mark finished the race in 10 seconds. According to the graph, Mark was given a head start of how many yards?


    The graph above shows the positions of Paul and Mark during a race. Paul and Mark each ran at a constant rate, and Mark was given a head start to shorten the distance he needed to run. Paul finished the race in 6 seconds, and Mark finished the race in 10 seconds. According to the graph, Mark was given a head start of how many yards?

    Maths-General
    parallel

    card img

    With Turito Academy.

    card img

    With Turito Foundation.

    card img

    Get an Expert Advice From Turito.

    Turito Academy

    card img

    With Turito Academy.

    Test Prep

    card img

    With Turito Foundation.