Question
Download Solution PDFIn what duration will a sum of money double itself at 5% per annum simple interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate of interest (R) = 5% per annum
Sum of money doubles itself, so the amount (A) becomes twice the principal (P).
Formula Used:
Simple Interest (SI) = (P × R × T) / 100
Amount (A) = Principal (P) + Simple Interest (SI)
Calculation:
Since the amount doubles itself, A = 2P
Simple Interest (SI) = A - P
SI = 2P - P
SI = P
Using the formula for simple interest:
SI = (P × R × T) / 100
P = (P × 5 × T) / 100
⇒ 100P = 5PT
⇒ T = 100 / 5
⇒ T = 20
The correct answer is option 2: 20 years
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