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

Asked by Kaushiki(student) , on 30/11/11


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EXPERT ANSWER

Hi!

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!

Posted by Aakash Sharma(MeritNation Expert)on 1/12/11

This conversation is already closed by Expert

More Answers

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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

Ans: 25%

Posted by Abhinav Verma(student)on 30/11/11

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 thanks for the answer, sir

Posted by Kaushiki(student)on 3/12/11

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