Problema Solution
At what rate of simple interest will the sum of money double itself in 6 years.
Answer provided by our tutors
Let P = x, then A = 2x
Also, S.I = A - P
= 2x - x
= x
T = 6 years
We know that S.I. = (P × R × T)/100
(x × R × 6)/100 = x
R = 100x/6x = 16.6 %