Maths-
General
Easy
Question
At what rate percent per annum will a sum of money double itself in 10 years?
Hint:
Use the formula of total amount and then find the rate of interest .
The correct answer is: 10 years.
Complete step by step solution:
Formula for total amount = A = P + SI…(i)
where is the total amount, is the principal amount and is simple interest .
Here, A = 2P and
where P is Principal amount, T is number of years and R is the rate of interest.
We have, T = 10 (given) and R = ?
On substituting the known values in (i), we have .
Subtract P from both sides.
Then we have,
On further simplifications, we have
At 10% per annum the sum amount will double itself in 10 years.
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