A sum of money doubled itself in 12 years.Find the rate of interest.
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Answer:
Time = 12yrs
Let principal be $x
Amount = $2x
Simple interest (SI) = A - P = 2x - x = $x
Rate = SI * 100 / P * T
= x * 100 / x * 12
= 25 / 3
= 8.3%
Hope it helps........
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