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Option 1 : 10%
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Download Solution PDF![[Solved] A sum of money doubles itself in 10 years at Simple Interest (2)](https://i0.wp.com/cdn.testbook.com/resources/lms_creative_elements/shortcut-trick-image.png "[Solved] A sum of money doubles itself in 10 years at Simple Interest (2)")
Let the Principal be 100.
P = 100, then A = 200 and SI will be 200 - 100 = 100
SI = 100 for 10 years
Rate = 100/10 = 10%.
∴ The rate of interest is 10%.
Traditional method:
Given:
Time period = 10years
Formula used:
SI = (P × R × T)/100
A = P + SI
Where, P = principal, R = rate, T = time, SI = simple interest
Calculations:
The sum of money is 2P
SI = 2P -P
⇒ P = (P× R× 10)/100
⇒ 1= R/10
⇒ R = 10%
∴ The rate of interest is 10%.
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