a sum of money Doubles itself in 8 years find the rate of interest
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Let the sum of money that's principal be x.
Time = 6years
Amount after 6 years becomes double = 2x
Therefor, Simple Interest = Amount - Principal = 2x-x = x
Rate per annum = SI×100/ P×T = x×100/x×6 = 100/6 = 50/3 = 16.66 % approx
Hope that helps.....
Time = 6years
Amount after 6 years becomes double = 2x
Therefor, Simple Interest = Amount - Principal = 2x-x = x
Rate per annum = SI×100/ P×T = x×100/x×6 = 100/6 = 50/3 = 16.66 % approx
Hope that helps.....
scientogirl:
but ans is 12.5%
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