Practicing Success
A sum becomes its double in 10 years. Find the annual rate of simple interest?
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5% 10% 15% 20% |
10% |
Assuming the value to be 100, according to the question value increases by 100% or becomes double i.e.,200 in 10 years. So, the simple interest comes out to be 100. Formulae for SI = \(\frac{\text{P Χ R Χ T} }{ 100}\) 100 = \(\frac{\text{100 Χ R Χ 10} }{ 100}\) 100 = \(\frac{\text{1000R} }{ 100}\) 100 = 10R R = 10% |