A sum of money will double itself in 16 years
at simple interest. The rate is
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Answer:
Rate R = 6.25
Step-by-step explanation:
let the principle is p
T=16
R =?
A = P + S.I. = 2P
S.I. = 2P - P equ. i
S.I. = P
S.I. = P×R×T/100
P = 16P ×R/100
R= 100P/ 16P
R = 6.25 %
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