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

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!

  • 7

 thanks for the answer, sir

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