Question

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

Answer 1

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.

Answer 2

Answer:

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