Find Rate of Interest if Money doubles itself in 10 years at Simple Interest
Answer: (1) 10
Let the money be Rs.X and rate = R%.
A sum of money doubles itself in 10 years at simple interest.
Then, Simple Interest = 2 X – X = X
Simple Interest = Principal x Time x Rate/100
Then, X = X x 10 x R/100
1 = R/10
R = 10%
Then, the rate of interest is 10%.
Hence, the answer is (1) 10%.