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Question

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


Solution

As we know that,
$$A = P \left( 1 + \cfrac{R \times t}{100} \right)$$
Given:-
A = 2 P$$
$$t = 10$$ years
$$R = ?$$
Therefore,
$$2P = P \left( 1 + \cfrac{10 \times R}{100} \right)$$
$$2 - 1 = \cfrac{R}{10}$$
$$\Rightarrow R = 10 \%$$

Mathematics

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