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At what percent by simple interest will a sum of money double itself in 5 years 4 months? 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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At what rate of simple interest will a sum triples itself in 20 years?R=12. 5%
At what rate of simple interest will a sum of money doubles itself in 25 years?Detailed Solution
The Sum of money doubles itself in 25 years. Concept: Simple interest is the interest calculated on the principal portion of the loan or the original contribution to the saving account. ∴ The rate of interest per annum is 4%.
At what rate of simple interest will a sum of money doubles itself in 15 years?Therefore, r=12100=831percent.
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At what rate percent simple interest will a certain sum of money doubles itself in 20 years
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