Question
At what rate of simple interest per annum will a sum of
money become double in 12 years?Solution
ATQ, To double, Amount = 2P Simple Interest = A − P = P SI formula: SI = (P × R × T)/100 P = (P × R × 12)/100 Cancel P (P > 0): 1 = (R × 12)/100 R = 100 / 12 = 25/3 = 8⅓%
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