Question 100

At what percentage simple interest per annum a certain sum will double in 10 years?

Solution

Let the percentage of rate per annum = r

Initial amount = P

Final amount = 2P

We know, A = P + S.I and S.I = $$(P\times r\times T)\div 100$$ , here T is time .

e.g., 2P = P + $$Prt\div 100$$

Given, T = 10 yrs

∴ 2P = P + $$\frac{PR10}{100}$$

P = $$\frac{pr}{100}$$

r = 10%

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