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The rate of simple interest per annum at
which a sum of money double itself in 16⅔ yrs. is
which a sum of money double itself in 16⅔ yrs. is
- A4%
- B5%
- C6%
- D$6\frac{2}{3}$ %
Answer not set
Discussion 1
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CCommunity
Let the principal amount be P.
Now the amount A after 16⅔ years is doubled, hence amount is 2P.
I = P × R × T/100
Where,
P = principal amount
R = rate of interest
T = time in years = 162/3 = 50/3
I = simple interest
Amount A = I + P
According to question
A = P + P × R × T/100
2P = P + P × R × T/100
P = P × R × T/100
R = 100/T
R = 100 × 3/50
R = 6%
Now the amount A after 16⅔ years is doubled, hence amount is 2P.
I = P × R × T/100
Where,
P = principal amount
R = rate of interest
T = time in years = 162/3 = 50/3
I = simple interest
Amount A = I + P
According to question
A = P + P × R × T/100
2P = P + P × R × T/100
P = P × R × T/100
R = 100/T
R = 100 × 3/50
R = 6%