Practicing Success
In what time does a sum of money amount to twice of itself at simple interest of 10% per annum? |
10 years 5 years 15 years 12.5 years |
10 years |
Sum of money amount to twice of itself at simple interest of 10% per annum. Let principal = P Desired Amount = 2 × P = 2P Simple interest = 2P - P = P Simple Interest = \(\frac{Principal × Rate × Time }{100}\) P = \(\frac{P × 10 × Time}{100}\) Time = 10 years |