A sum doubles in 5 years at simple interest. What is the annual rate?
A sum doubles in 5 years at simple interest. What is the annual rate?
एक धनराशि साधारण ब्याज पर 5 वर्षों में दोगुनी हो जाती है। वार्षिक ब्याज दर क्या है?
Detailed Solution & Logic
Correct Answer:
20%
✅ Answer: 20%
👍 Simple Explanation:
A sum doubles in 5 years at simple interest.
👉 That means:
Interest = Principal
Using formula:
$ SI = \frac{P \times R \times T}{100} $
Now,
$ P = \frac{P \times R \times 5}{100} $
Cancel $P$:
$ 1 = \frac{R \times 5}{100} $
$ R = \frac{100}{5} = 20% $
⚡ Shortcut:
If money doubles in $T$ years (SI), then
$ R = \frac{100}{T} $
👉 Here: $ R = \frac{100}{5} = 20% $
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