Question

At what rate of interest per annum will a sum double itself in 12 days

Answer 1

• Let the principle be x.
• Amount = 2 x .
• SI = 2 x - x = x .
• Time = 12 days = 12/365 year.

Rate =  100 x × 1/x × 365/12  = 3042% [approx.].

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