A sum doubles itself in 8 years at simple interest. Find the rate of interest per annum.
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Answer:
12.5 %
Step-by-step explanation:
let P= x
T= 8 years
Simple interest= 2P≈ 2x
R=?
Simple interest= P X R X T ÷ 100
2x= x X R X 8 ÷ 100
2x÷x= R X 8 ÷ 100
1= 2R÷ 25
1 X 25÷ 2= R
R= 12.5% per annum
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