At what rate of interest per anum will a sum of money double itself in 4 years?
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Answer:
25% per annum
Step-by-step explanation:
Let the sum of money be P and Rate be R.
Amount (A) = 2P
Simple Interest (SI) = 2P - P = P
Time (T) = 4 years
SI = PRT/100
=> P = P × R × 4/100
=> R = 25%
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