Question

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

Answer 1

Answer:

12.5% per annum

Step-by-step explanation:

Let the rate of interest be r.

So, now we will use a simple interest formula.

According to Simple Interest (S.I) formula.

⇒S.I.=PRT/100

. Where P is principal amount, R is rate of interest and T will be time period.

So, putting the values in the above formula. We will get,

⇒x=xr(8)/ 100

On solving the above equation. We will get,

⇒ r = 100/8 = 12.5

Hence, the rate of interest to double a money in 8 years will be 12.5% per annum.