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A sum of money doubles itself in 10 years. Find the rate percent per annum.

User WeizhongTu
by
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1 Answer

4 votes

Given:

Principal = P

Amount = 2P

Time 10 years

Required:

Rate percent per annum.

Step-by-step explanation:

The amount is given as,


A\text{ = P + I}

Interest is calculated as,


\begin{gathered} I\text{ = }(PR*10)/(100) \\ A-P\text{ = }(PR*10)/(100) \\ 2P-P=(PR*10)/(100) \\ \end{gathered}

The rate of interest is calculated as,


\begin{gathered} P\text{ = }(PR)/(10) \\ R\text{ = 10} \end{gathered}

Answer:

Thus the rate of interest is 10%.

User Hejazzman
by
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