Question

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

Answer 1

As we know that,

$A=P(1+\frac{R\times t}{100})$

Given:-

$A=2P$

$R=?$

$t=10\text{years}$

Therefore,

$2P=P(1+\frac{R\times 10}{100})$

$\Rightarrow 1+\frac{R}{10}=2$

$\to \frac{R}{10}=2-1$

$\Rightarrow R=10\%$