Question 1

A sum becomes double in 10 years. Then what is the annual rate of simple interest?

Solution

The value of the principal after n years in a simple interest scheme is given by $$=P\left[1+\dfrac{RT}{100}\right]$$, where R is the rate of interest and T is the time period.

It is given that the sum becomes double in 10 years.

$$P\left[1+\dfrac{R\left(10\right)}{100}\right]=2P$$

$$1+\dfrac{R}{10}=2$$

$$R=10\%$$

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