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

Aakash Sharma , Meritnation Expert added an answer, 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!

*This conversation is already closed by Expert*

80% users found this answer helpful.