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Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.?
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Find the time after which the simple interest on a sum of money will b...
Understanding Simple Interest
Simple interest (SI) is calculated using the formula:
SI = P * R * T
Where:
- P = Principal amount (the initial sum of money)
- R = Rate of interest (annual percentage)
- T = Time (in years)
To find the time after which the simple interest will be double the sum, we set up the equation as follows:
Setting Up the Equation
- We want the SI to equal double the principal (2P).
- Using the formula, we can write:
2P = P * R * T
When we simplify this equation, we remove P from both sides (assuming P is not zero):
2 = R * T
Substituting the Rate
- Given that R = 10% per annum, we convert this to a decimal:
R = 10/100 = 0.10
Now, substituting this into the simplified equation:
2 = 0.10 * T
Solving for Time
To find T, we rearrange the equation:
T = 2 / 0.10
Calculating this gives:
T = 20 years
Conclusion
Thus, the time after which the simple interest on a sum of money will be double the sum at a rate of 10% per annum is:
- 20 years
This means if you invest a sum at 10% interest, it will take 20 years for the interest earned to equal the principal amount.
Simple interest (SI) is calculated using the formula:
SI = P * R * T
Where:
- P = Principal amount (the initial sum of money)
- R = Rate of interest (annual percentage)
- T = Time (in years)
To find the time after which the simple interest will be double the sum, we set up the equation as follows:
Setting Up the Equation
- We want the SI to equal double the principal (2P).
- Using the formula, we can write:
2P = P * R * T
When we simplify this equation, we remove P from both sides (assuming P is not zero):
2 = R * T
Substituting the Rate
- Given that R = 10% per annum, we convert this to a decimal:
R = 10/100 = 0.10
Now, substituting this into the simplified equation:
2 = 0.10 * T
Solving for Time
To find T, we rearrange the equation:
T = 2 / 0.10
Calculating this gives:
T = 20 years
Conclusion
Thus, the time after which the simple interest on a sum of money will be double the sum at a rate of 10% per annum is:
- 20 years
This means if you invest a sum at 10% interest, it will take 20 years for the interest earned to equal the principal amount.
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Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.?
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Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.?.
Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find the time after which the simple interest on a sum of money will be double of the sum, at the rate of 10% per annum.?.
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