Question

A sum of money doubles itself in 8 years at simple interest. What is the rate of interest?

Answer 1

Answer:

25%

Step-by-step explanation:

Let's assume the sum of money be x. Now according to the given information in the question, this sum will get double in 8 years i.e. will become 2x.

We are aware about the formula of simple interest:

$\boxed{\sf S.I. = \dfrac{ P \times R \times T}{100}}$

Here,

• S.I. = Simple Interest
• P = Principal amount
• R = Rate of Interest
• T = Time period

By the given information in the question, we have:

• S.I. = 2x
• P = x
• T = 8 years

We have to find the value of R.

‎ ‎ ‎

By using the formula of S.I. we get:

$\implies\tt2x = \dfrac{ x \times R \times 8}{100}$

$\implies\tt \dfrac{2x \times 100}{x \times 8} = R$

$\implies\tt 25= R$

So the required rate of interest in 25%

Answer 2

Answer:

Step-by-step explanation:

1/8=12.5%