At what rate percent per annum will a sum of money double in 8 years ?
Here is the answer to your query.
Let the principal amount and the rate of interest be P and R% per annum respectively.
Given : Time (T) = 8 years
and Sum of money doubles itself
⇒ 2P = P + Simple Interest
∴ The rate of interest for which the sum of money doubles itself in 8 years is 12.5% per annum.
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Principal = P
R = R
T = 8
According to Question
2P = P * R * 8 / 100
2 = 8R / 100
R = (2* 100) /8
R = 200 / 8
R = 25
thanks for the answer, sir
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