A sum of money doubles itself in 12 years. Find the rate of S.I charged p.a
Answers
Rate of interest = 8.33 % if A sum of money doubles itself in 12 years.
Step-by-step explanation:
Let say Sum of Money = P
Sum of Money Doules = 2P
Interest Earned = 2P - P = P
Rate of interest = R
Time = 12 Years
Simple interest = P * R * T /100
=> P = P * R * 12 /100
=> R = 100/12
=> R = 25/3
=> R = 8.33
Rate of interest = 8.33 %
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Answer:
Step-by-step explanation:
Let say Sum of Money = P
Sum of Money Doules = 2P
Interest Earned = 2P - P = P
Rate of interest = R
Time = 12 Years
Simple interest = P * R * T /100
=> P = P * R * 12 /100
=> R = 100/12
=> R = 25/3
=> R = 8.33