Maths-
General
Easy
Question
At what percent by simple interest will a sum of money double itself in 5 years 4 months?
Hint:
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 =
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 = years (given) and R = ?
On substituting the known values in (i), we have .
Subtract P from both sides.
Then we have,
So, we have R = 18.75%
At 18.75% per annum the sum amount will double itself in 5 years and 4 months.
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