At what rate per cent of simple interest will a sum of money double itself in 12 years?
9
Answers
Answered by
6
Answer:
In case of Simple interest, total amount A is,
A=P(1+
100
rt
)
where
P=Principal
r=interest rate
t=time (in years)=12 (given)
After 12 years, Sum of money doubles itself,
that is A=2P
Now apply the formula,
A=P(1+
100
rt
)
2P=P(1+
100
12r
)
2=1+
100
12r
1=
100
12r
Therefore,
r=
12
100
=8 1/3
percent
hope it helps plz give thanks and mark as brainlist
Answered by
2
Step-by-step explanation:
Originally Answered: At what simple interest rate will a sum of money double itself in 12 years? You'll have to define what you mean by “simple interest” in this context. If you really mean “simple interest for the entire 12 year period” then the interest rate is 8.3333%.
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