Question

A sum of money at simple interest doubles itself in 10 years.Find the rate percent per annum​

Answer 1

10%

Explanation :

To solve the problem, we should know the definition of annual simple interest. We have,

Simple Interest (I) = P×R×t100

Where, P= principal amount

R = simple interest annual rate

t = time period of the annual simple interest

Here, we have R = 10% and have to calculate t for the sum of the money (that is P) to double.