Question
If a sum of money doubles itself in 8 years at simple
interest, the annual rate of interest is:Solution
Let Principal (P) = ₹x, Amount (A) = ₹2x. So, Simple Interest (SI) = A - P = x. SI = (P * R * T)/100 => x = (x * R * 8)/100 => R = 100/8 = 12.5%.
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