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A sum of money doubles itself in 5 years at simple interest. What will be the rate of interest?

Practice Questions

1 question
Q1
A sum of money doubles itself in 5 years at simple interest. What will be the rate of interest?
  1. 10%
  2. 12%
  3. 15%
  4. 20%

Questions & Step-by-step Solutions

1 item
Q
Q: A sum of money doubles itself in 5 years at simple interest. What will be the rate of interest?
Solution: If the principal is P, then the amount after 5 years = P + 5 * (P * r/100) = 2P. This gives r = 20%.
Steps: 0

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