Question

at what rate of interest will a sum of money double itself in 16 years

Answer 1

Answer:

6.25%

Step-by-step explanation:

let principal=x

amount=2x

time=16years

rate=?

simple interest [S.I] =?

S.I=amount-principal

S.I=2x-x

S.I=x

rate=100*S.I/PRINCIPAL*TIME

rate=100*x/x*16

rate=25/4

rate=6.25%

hope it helped u

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