To solve this problem, we can use the formula for simple interest which is I = PRT/100, where:

I = Interest
P = Principal amount (initial amount of money)
R = Rate of interest
T = Time in years

In this case, we want the sum of money to double. This means the interest (I) will be equal to the principal amount (P). So we can set up the equation as follows:

P = P * 20 * T / 100

Solving for T (time), we get:

T = 100 / 20 = 5 years

So, it will take 5 years for the sum of money to double itself at a simple interest rate of 20% per annum.

Question

To solve this problem, we can use the formula for simple interest which is I = PRT/100, where:

I = Interest
P = Principal amount (initial amount of money)
R = Rate of interest
T = Time in years

In this case, we want the sum of money to double. This means the interest (I) will be equal to the principal amount (P). So we can set up the equation as follows:

P = P * 20 * T / 100

Solving for T (time), we get:

T = 100 / 20 = 5 years

So, it will take 5 years for the sum of money to double itself at a simple interest rate of 20% per annum.

Knowee AI · Accepted Answer

To solve this problem, we can use the formula for simple interest which is I = PRT/100, where:

I = Interest
P = Principal amount (initial amount of money)
R = Rate of interest
T = Time in years

In this case, we want the sum of money to double. This means the interest (I) will be equal to the principal amount (P). So we can set up the equation as follows:

P = P * 20 * T / 100

Solving for T (time), we get:

T = 100 / 20 = 5 years

So, it will take 5 years for the sum of money to double itself at a simple interest rate of 20% per annum.

A Sum of money at simple interest of 20% p.a. will take how many years to double itself?

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