Question 129

A certain sum of money will be doubled in 15 years at the rate of simple interest percent per annum

Solution

Let the principal amount be $$P$$

Since, the money is doubled in 15 years, => Amount after 15 years = $$2P$$

=> Interest after 15 years = $$2P - P = P$$

Let rate of interest be $$r$$%

=> S.I. = $$\frac{P * r * 15}{100} = P$$

=> $$r = \frac{100}{15} = 6\frac{2}{3}$$%

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