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Answer (Detailed Solution Below)Option 1 : 20% Formula for Simple Interest - \(SI = \frac{{P \times R \times T}}{{100}}\) Where, P = Principal R = Rate of interest T = Time period Let the required rate of interest be X. According to the question, SI must be equal to 2 × P in order to make the final sum two times the original principal amount after 5 year. \(\therefore {\rm{P}} = {\rm{}}\frac{{{\rm{P}} \times {\rm{X}} \times 5}}{{100}}\) ⇒ X = 20% ∴ Required rate of interest is of 20%. Stay updated with the Quantitative Aptitude questions & answers with Testbook. Know more about Interest and ace the concept of Simple Interest. Answer Verified Hint: - Here we go through by the formula of simple interest that we study in the chapter of simple interest. i.e.$SI = \dfrac{{P \times R \times T}}{{100}}$ . By this formula we will be able to calculate the rate. Complete step-by-step answer: Here in the question the principal amount is not given. Note: - Whenever we face such a type of question, the key concept for solving the question is to first assume the principal amount because the principal amount is not given and then proceed with the question to find the S.I. Then by putting the formula of S.I we will get the terms which we need to find. Uh-Oh! That’s all you get for now. We would love to personalise your learning journey. Sign Up to explore more. Sign Up or Login Skip for now Uh-Oh! That’s all you get for now. We would love to personalise your learning journey. Sign Up to explore more. Sign Up or Login Skip for now Solution Let principal = P (adsbygoogle = window.adsbygoogle || []).push({}); Rate of interest =R%Given: Amount =2PSince, Amount = Principal + Simple Interest⇒2P=P+S.I.⇒S.I.=2P-P⇒S .I.=PWe know that Simple interest =P×R×T100 Then,P=P×R×6100⇒R=100×P6×P⇒ R=1006⇒R=16.66%Hence, the required interest rate is 16.66%.Solve Textbooks Question Papers At what rate of interest will a sum of money doubles itself in 6 years?⇒R=6x100x=16. 6%
At what rate Percent of interest will a sum of money becomes 6 times itself in 15 years?Detailed Solution
∴ The rate of interest is 33.33%.
At what rate percent will a sum of money doubles itself in 5 years?Detailed Solution
If a sum doubles itself in 5 years by simple interest. Calculations: Let P be the principal amount and R be the rate of interest. ∴ The rate of simple interest p.a. is 20%.
At what rate of simple interest will a sum of money doubles itself?Hence, R = 5%. Q.
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