Question

In what time will a sum of money double itself at $6.25\%$ p.a simple interest?

Answer 1

Let $R=\frac{625}{100}$. According to the question,

$Amount=2\left(Principle\right)$

$A=2P$

$S.I.=A-P$

$=2P-P$

$=P$

$S.I.=\frac{P\times R\times T}{100}$

$P=\frac{P\times 625\times T}{100\times 100}$

$T=\frac{P\times 100\times 100}{P\times 625}$

$T=16years$