Given : Show
A sum of money doubles itself in 8 years. To do : We have to find the rate of interest. Solution : Let the Principal be $P$ and rate percent be $R$. This implies, Amount $A=2P$ We know that, $Amount (A) = Principal (P) + Simple Interest (SI)$ $Simple Interest (SI) = Amount (A) - Principal (P)$ $SI=2P-P$ $SI=P$ $SI = \frac{PRT}{100}$ Therefore, $P = \frac{(P \times R \times 8)}{100}$ $100 = R \times 8$ $R = \frac{100}{8}$ $R = 12.5$ The rate percent is 12.5%.
Answer (Detailed Solution Below)Option 1 : 20% Formula for Simple Interest - \(SI = \frac{{P \times R \times T}}{{100}}\) Where, P = Principal R = Rate of interest T = Time period Let the required rate of interest be X. According to the question, SI must be equal to 2 × P in order to make the final sum two times the original principal amount after 5 year. \(\therefore {\rm{P}} = {\rm{}}\frac{{{\rm{P}} \times {\rm{X}} \times 5}}{{100}}\) ⇒ X = 20% ∴ Required rate of interest is of 20%. Let's discuss the concepts related to Interest and Simple Interest. Explore more from Quantitative Aptitude here. Learn now!
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At what rate of simple interest per annum will a sum double itself in 8 years 25 6.25 12.5 50?⇒R=100T=1008=12.5%
At what rate percent per annum simple interest will a sum treble itself in 8 years?R=12. 5%
At what rate percent per annum of simple interest will a sum of money double in 5 years?Detailed Solution
According to the question, SI must be equal to 2 × P in order to make the final sum two times the original principal amount after 5 year. ∴ Required rate of interest is of 20%.
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At what rate Percent of simple interest per annum will a sum of money double in 8 years?
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