Question

What time will it take to obtain double of the interest on Rs. 2000 for 3 years at the rate of 15% per annum? ​

Answer 1

6 years

Explanation:

Given values :

• Principal amount = Rs. 2000
• Time period = 3 years
• Rate = 15% per annum

To Find :

• Time taken to obtain twice the interest

Solving :

• First, find the interest.
• I = Prt
• I = 2000 x 0.15 x 3
• I = 6000 x 0.15
• I = Rs. 900
• So twice the interest = Rs. 1800
• Now using the [I = Prt] formula,
• t = I/Pr
• t = 1800/(2000 x 0.15)
• t = 1800 / 300
• t = 6 years