Question
Download Solution PDFIn a certain duration of time, a sum become 2 times itself at the rate of 5% per annum simple interest. What will be the rate of interest if the same sum becomes 5 times itself in the same duration?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Sum becomes 2 times at 5% p.a rate
At same time time the same sum becomes 5 times.
Concept used:
S.I = P × R × T/100
Calculations:
According to question,
P × 5 × T/100 = P
⇒ T = 20 years
Now, P × R × T/100 = 4P
⇒ P × R × 20/100 = 4P
⇒ R = 4 × 5 = 20%
Hence, The Required value is 20%.
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