At what rate percent per annum simple interest will a sum of money double itself in 16 years?

At what rate percent per annum simple interest will a sum double itself in 10 years?

Answer

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.
So let the principle amount be Rs x.
And according to the question at the end the amount become double that means
Amount=2x.
As we know the simple interest means principle amount subtracted from final amount i.e.
S.I= Amount-Principal amount
S.I=2x-x=x
Here the give time T=1o years
Now put these values in the formula of S.I i.e. $SI = \dfrac{{P \times R \times T}}{{100}}$ We get,
$
   \Rightarrow x = \dfrac{{x \times R \times 10}}{{100}} \\
   \Rightarrow R = \dfrac{1}{{10}} \times 100 \\
  \therefore R = 10\% \\
 $
Hence the required rate in which the sum becomes double itself in 10 years is 10%.

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.

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!

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Solution

The correct option is A 5%Given, time = 20 years. Let the sum invested be ₹ 100. So, the Amount received after 20 years = ₹ 200. We know that, Principal + Interest = Amount. Hence, Interest = Amount - Principal = ₹ (200-100) = ₹ 100. The Simple Interest earned on a sum of ₹ P for a period of T years at the rate of R% p.a S.I is given by P×R× T100. So, ₹ 100 = 100× R×20100 Hence, R = 5%.

Open in App

Solution

Let sum of money be P=100Interest per annum =10% amount = 2× 100 = 200 simple interest = 200 - 100 = 100Since, SI=PTR100⇒T=100×SIPR=100×100100×10∴t=10 years.

Similar questions

Q. A certain sum of money lent out at a certain rate of interest per annum, doubles itself in 10 years. In how many years will it treble itself?

Q. In how many years will a sum of money double itself at 4% per annum ?

Q. At what rate percent per annum simple interest will a sum of money double itself in 6 years?

Q. A sum of money lent out at C.I. at a certain rate per annum doubles itself in 5 years. Find in how many years will the money become eight times of itself at the same rate of interest p.a.

Q. At what rate percent per annum will a sum of money double itself in 10 years.

View More

At what rate percent per annum will a sum double itself in 16 years?

At what rate percent per annum simple interest will a sum travel itself in 16 year?

What rate of simple interest rate per annum will a sum of money double itself in 4 years?

What is the rate of interest if a sum of money triples itself in 16 years?