Correct option is B
Given:
Time T = 5 years
Amount doubles on Simple Interest
Final amount = 2P
Interest earned = P
Formula Used:
Simple Interest:
Solution:
Since SI = P,
P
1
R=20%.
Question
At what rate of interest (in percentage) per year will a sum of money double itself in 5 years on simple interest?
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Similar Questions
- 1)
A sum of money is invested at 6% simple interest per annum. How long will it take to increase its value by 60% ?
- 2)
If a sum becomes its double in 10 years, then the annual rate of simple interest is:
- 3)
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Ashish borrowed an amount of ₹2,60,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Ashish after 3 years.
- 4)
Two banks, A and B, offered loans at 3.5% and 7% per annum, respectively. Akshay borrowed an amount of ₹4,60,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Akshay after 4 years.
- 5)
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Ajay borrowed an amount of ₹2,40,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Ajay after 4 years.
- 6)
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Sachin borrowed an amount of ₹2,00,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Sachin after 4 years.
- 7)
A sum of money was invested at simple interest at a certain rate for 9 years. Had it been invested at an 8% per annum higher rate, it would have fetched ₹7,992 more. Find the principal.
- 8)
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Atul borrowed an amount of ₹2,20,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Atul after 3 years.
- 9)
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Mukund borrowed an amount of ₹2,00,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Mukund after 2 years.
- 10)
In what duration (in years) will ₹9,000 fetch a simple interest of ₹1,080 at 6% per annum rate of interest?
