If in 40 years, Rs. 5 gets doubled at simple interest, the rate % per annum is
Question
If in 40 years, Rs. 5 gets doubled at simple interest, the rate % per annum is
Solution
To find the rate of interest, we can use the formula for simple interest which is:
I = PRT/100
Where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time period
In this case, we know that the Principal amount (P) is Rs. 5, the Interest (I) is also Rs. 5 (since the amount gets doubled), and the Time period (T) is 40 years. We need to find the Rate of interest (R).
Substituting the given values into the formula, we get:
5 = 5R40/100
Solving for R, we get:
R = (5 * 100) / (5 * 40)
R = 25%
So, the rate of interest per annum is 25%.
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