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How long will a sum of money take to double, if it is invested at 9.09% p.a. simple interest?
- a)12 years
- b)14 years
- c)11 years
- d)13 years
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
How long will a sum of money take to double, if it is invested at 9.09...
SI = PRT/100, A = P + SI
SI = Simple interest, P = Principal, A = Amount, R = rate, T = time
A = 2P
2P = P + (P × 9.09 × T/100)
⇒ P = 9.09PT/100
⇒ T = 100/9.09 ≈ 11 years
Most Upvoted Answer
How long will a sum of money take to double, if it is invested at 9.09...
Understanding the Problem:
To calculate the time required for a sum of money to double at a simple interest rate of 9.09% per annum.
Solution:
Formula for Simple Interest:
The formula for calculating simple interest is:
\[ I = \frac{P \times R \times T}{100} \]
Where:
- \( I \) = Simple Interest
- \( P \) = Principal Amount
- \( R \) = Rate of Interest
- \( T \) = Time (in years)
Given Data:
- Rate of Interest (R) = 9.09% = 9.09
- Let the Principal Amount (P) be doubled, so the final amount is 2P
- Simple Interest (I) = 2P - P = P
- Time (T) = ?
Substitute the Values in the Formula:
\[ P = \frac{P \times 9.09 \times T}{100} \]
\[ 1 = \frac{9.09 \times T}{100} \]
\[ T = \frac{100}{9.09} \]
\[ T = 11 \, \text{years} \]
Therefore, the sum of money will take 11 years to double at a simple interest rate of 9.09% per annum. Hence, the correct answer is option C - 11 years.
To calculate the time required for a sum of money to double at a simple interest rate of 9.09% per annum.
Solution:
Formula for Simple Interest:
The formula for calculating simple interest is:
\[ I = \frac{P \times R \times T}{100} \]
Where:
- \( I \) = Simple Interest
- \( P \) = Principal Amount
- \( R \) = Rate of Interest
- \( T \) = Time (in years)
Given Data:
- Rate of Interest (R) = 9.09% = 9.09
- Let the Principal Amount (P) be doubled, so the final amount is 2P
- Simple Interest (I) = 2P - P = P
- Time (T) = ?
Substitute the Values in the Formula:
\[ P = \frac{P \times 9.09 \times T}{100} \]
\[ 1 = \frac{9.09 \times T}{100} \]
\[ T = \frac{100}{9.09} \]
\[ T = 11 \, \text{years} \]
Therefore, the sum of money will take 11 years to double at a simple interest rate of 9.09% per annum. Hence, the correct answer is option C - 11 years.
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How long will a sum of money take to double, if it is invested at 9.09% p.a. simple interest?a)12 yearsb)14 yearsc)11 yearsd)13 yearsCorrect answer is option 'C'. Can you explain this answer?
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How long will a sum of money take to double, if it is invested at 9.09% p.a. simple interest?a)12 yearsb)14 yearsc)11 yearsd)13 yearsCorrect answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about How long will a sum of money take to double, if it is invested at 9.09% p.a. simple interest?a)12 yearsb)14 yearsc)11 yearsd)13 yearsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for How long will a sum of money take to double, if it is invested at 9.09% p.a. simple interest?a)12 yearsb)14 yearsc)11 yearsd)13 yearsCorrect answer is option 'C'. Can you explain this answer?.
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