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Kaushiki from CAMPUS SCHOOL , asked a question
Subject: Math , asked on 30/11/11

At what rate percent per annum will a sum of money double in 8 years ?

EXPERT ANSWER

Aakash Sharma ,Meritnation Expert added an answer
Answered on 1/12/11

Dear Student!

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.

 

Cheers!

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Abhinav Verma , From Vivekanand School D Block Anand Vihar , added an answer
Answered on 30/11/11

 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

Ans: 25%

Kaushiki , From Campus School , added an answer
Answered on 3/12/11

 thanks for the answer, sir