Question 129

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

Solution

Let assume that money is getting doubled in 15 years with R % perannum Simple Interest.

It means if principal amount is Rs P then same amount of interest is getting accumulated in 15 years at R% SI

So using, SI = $$\frac{PRT}{100}$$

P = $$\frac{PxRx15}{100}$$

R = $$\frac{20}{3}$$ = 6.66%

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