At simple interest a of money is double in 20 years. What is the rate of interest?420510 (2024)

A

5

C

4

D

10

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Solution

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The correct option is C 5
For simple interest, the interest earned is determined by the formula: I = PRT

where I=interest, R=rate, T=time, P=principle

The rate where the interest equals the principle in 20 years. i.e., the amount doubles.

So we know, I=P and T=20 years

so we can solve for R

R=I(P)(T)=IP×120=1×120=0.05 per year or 5% per year interest.

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At simple interest a of money is double in 20 years. What is the rate of interest?420510 (2024)
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