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

## EXPERT ANSWER

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.

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