Simple Interest Practice Test 4

Question : 25 of 26

Marks: +1, -0

At what rate per cent simple interest per annum will a sum of money double itself in 16 years?

Solution:

Let the principal be Rs P, Then SI = P.
T = 16 years

∴SI={P×R×T}/100

R={100×SI}/{P×T}

={100×P}/{P×16}=6.25%

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