Question

A bank advertises that you can double the money by investing it with them for 8 years. what is the interest rate offered by them?]

Answer 1

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Answer 2

Answer:

A bank advertises that you can double the money if you invest it with them for 8 years, what is the rate of interest offered by them? Let us assume bank follows the process of Simple Interest. By using above formula, Number of years of deposit = (100 x 1000) / (1000 x 8) = 12.5 years. Using compound interest.

Explanation:

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