A sum of money triples itself in 8 years . Find the rate of interest
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Answer:
25 %
explanation
given :
time period : 8 years
formula used :
SI = ( P x R x T / 100 )
A = p + SI
calculation
the sum of money is 3 p
SI = 3p - p
2p = ( P x R x 8 / 100)
2 = R /12.5
R = 25
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