Question 71

If in 13 years a fixed sum doubles at simple interest, what will be the interest rate per year? (Correct to two decimal places)

Solution

Let the principal be Rs. x.

If a fixed sum doubles at simple interest. So,

Interest = x

p = x

t = 13 years

rate = r

Interest = $$\frac{prt}{100}$$

x = $${x \times r \times 13}{100}$$

r = 100/13 = 7.69%

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