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In how many years will a sum of money double itself with the rate of 10% per annum simple interest?Answer Verified
Hint: To solve the problem, we should know the definition of annual simple interest. We have, Complete step-by-step answer: Note: While solving questions related to principal interest, it is important to keep in mind that simple interest calculated from the formula, Simple Interest (I) = $\dfrac{P\times R\times t}{100}$ , doesn’t represent the total amount of money. In fact, the total amount is the sum of Principal amount (P) and simple interest. Thus, in this case, when money was doubled, the total amount was 2P and simple interest was P. In how many years will a sum of money double itself at 8 % per annum interest? No worries! We‘ve got your back. Try BYJU‘S free classes today! Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today!
Solution The correct option is B 12.5 yearsLet Principal (P)=Rs.a, Time (T)=T years, Rate (R)=8% and Amount (A)=Rs.2a Using formula, A=P+SI, we get, SI=Rs.aTherefore, (adsbygoogle = window.adsbygoogle || []).push({}); SI=P×R×T100⇒a×100=a×T×8⇒T=1008=12.5 yearsAt what rate percent per year will a sum double itself in 6 1 ⁄ 4 years?So, the rate is 16%.
At what rate will a sum of money doubles itself in 6 years?⇒R=6x100x=16. 6%
How long will it take for an amount to become double of itself at 4% per annum simple interest?=(x×4100×x)years = 25 years.
In what time will a sum of money doubles itself at 6.25 percent per annum simple interest?T=16years.
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