A local bank is advertising that you can double your money in 8 years if you invest with them suppose you have 10000 rupees to invest what interest rate is the bank offering
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It means principal and interest are same is equal to 10000
SI = P×R×T/100
10000=10000×8×R/100
R= 10000×100/10000×8
=25/2
=12.5%
Hence rate of interest =12.5%p.a.
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