a local bank is advertising that you can double your money in 8 year if you visit with them suppose you have 10000 to invest what interest rate is the bank offering .
(hint :- answer of this question is 12.5%)
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Answer:
12.5%
Step-by-step explanation:
We have,
SI = P = 10000, Time = 8 years.
SI = PRT/100
=> 10000 = (10000 * R * 8)/100
=> 100 = 8 * R
=> R = 12.5%
Hence, the Rate of interest = 12.5%
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