At what rate of interest per anum will a sum of money double itself in – InterviewSolution

1.

At what rate of interest per anum will a sum of money double itself in 4 years?

Answer»

Answer:

25% per annum

Step-by-step EXPLANATION:

Let the sum of money be P and RATE be R.

Amount (A) = 2P

Simple Interest (SI) = 2P - P = P

Time (T) = 4 years

SI = PRT/100

=> P = P × R × 4/100

=> R = 25%

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