0.16 - At what percentage of simple interest ,sum of money will double
itself in 7 years?
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Given : sum of money double itself in 7 years at Simple interest
To find : Find Rate of interest per annum
Solution:
Let say principle Amount = P
& rate of interest = R % Per annum
Time = 7 years
sum of money will double itself in 7 years
=> maturity Amount = 2P
Simple interest = 2P - P = P
Simple interest = P * R * T /100
=> P = P * R * 7 /100
=> R = 100/7
Rate of interest = 100/7 % = 14.2857 % per annum
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