At what time an amount of money will double itself at 5% pa rate of compound interest?

Open in App

Solution

Let sum of money be P=100Interest per annum =10% amount = 2× 100 = 200 simple interest = 200 - 100 = 100Since, SI=PTR100⇒T=100×SIPR=100×100100×10∴t=10 years.

Similar questions

Q. A certain sum of money lent out at a certain rate of interest per annum, doubles itself in 10 years. In how many years will it treble itself?

Q. In how many years will a sum of money double itself at 4% per annum ?

Q. In how much time, will a sum of money double itself at 12.5% per annum rate of interest.

Q. At what rate percent per annum simple interest will a sum of money double itself in 6 years?

Q. A sum of money lent out at C.I. at a certain rate per annum doubles itself in 5 years. Find in how many years will the money become eight times of itself at the same rate of interest p.a.

View More

Nội dung chính Show

• In how many years will a sum of money double itself with the rate of 10% per annum simple interest?
• Let sum of money be P=100Interest per annum =10% amount = 2× 100 = 200 simple interest = 200 - 100 = 100Since, SI=PTR100⇒T=100×SIPR=100×100100×10∴t=10 years.
• In what time will a sum of money double itself at 10% per annum?
• How many years would it take your money to double at 10% interest compounded yearly?
• For what time in years a sum of money will become 4 times itself at 10% pa?
• In what time will a sum of money double itself at 5% compound interest payable half yearly?

In how many years will a sum of money double itself with the rate of 10% per annum simple interest?

Answer

Hint: To solve the problem, we should know the definition of annual simple interest. We have,
Simple Interest (I) = $\dfrac{P\times R\times t}{100}$
Where, P= principal amount
R = simple interest annual rate
t = time period of the annual simple interest
Here, we have R = 10% and have to calculate t for the sum of the money (that is P) to double.

Complete step-by-step answer:
In this question, we are left with two unknowns, P and t. However, we also have an additional condition. This condition tells that within the required time (which we have to calculate), the sum of money doubles itself. Thus, if originally, we had principal amount as P, finally, this amount would become 2P. Thus, simple interest (I) becomes 2P-P = P. Since, simple interest is basically the amount accumulated over the total principal amount. Further, for simplification, we can write,
$\dfrac{R}{100}=\dfrac{10}{100}=0.1$
Thus, we have,
I=$\dfrac{P\times R\times t}{100}$
Since, I = P (as calculated above), we have,
P = $\dfrac{P\times R\times t}{100}$
We can cancel P from both sides. Thus, we have,
1=$\dfrac{R\times t}{100}$
Plugging in the known values, we have,
1= 0.1$\times $t
Since, $\dfrac{R}{100}$=0.1
Now,
t=10 years
Hence, it will take 10 years for the sum of money to double itself with the rate of 10% per annum simple interest.

Note: While solving questions related to principal interest, it is important to keep in mind that simple interest calculated from the formula, Simple Interest (I) = $\dfrac{P\times R\times t}{100}$ , doesn’t represent the total amount of money. In fact, the total amount is the sum of Principal amount (P) and simple interest. Thus, in this case, when money was doubled, the total amount was 2P and simple interest was P.

Open in App

Solution

Let sum of money be P=100Interest per annum =10% amount = 2× 100 = 200 simple interest = 200 - 100 = 100Since, SI=PTR100⇒T=100×SIPR=100×100100×10∴t=10 years.

Similar questions

Q. A certain sum of money lent out at a certain rate of interest per annum, doubles itself in 10 years. In how many years will it treble itself?

Q. In how many years will a sum of money double itself at 4% per annum ?

Q. At what rate percent per annum simple interest will a sum of money double itself in 6 years?

Q. A sum of money lent out at C.I. at a certain rate per annum doubles itself in 5 years. Find in how many years will the money become eight times of itself at the same rate of interest p.a.

Q. At what rate percent per annum will a sum of money double itself in 10years.

View More

In what time will a sum of money double itself at 10% per annum?

Here, we have R = 10% and have to calculate t for the sum of the money (that is P) to double. Hence, it will take 10 years for the sum of money to double itself with the rate of 10% per annum simple interest.

How many years would it take your money to double at 10% interest compounded yearly?

The calculated value of the number of years required for invested amount to become double in amount is 7.27 years.

For what time in years a sum of money will become 4 times itself at 10% pa?

=(x×4100×x)years = 25 years.

In what time will a sum of money double itself at 5% compound interest payable half yearly?

Therefore, the number of years it will take to double the money at 5% per annum when compounded annually is 12.5 years.

How long will it take the money to double itself at 5% compounded annually?

In what time does a money becomes double at simple interest rate of 5% per annum?