Question

At what rate per cent per annum will a sum of money double itself in eight years.
Plz explain step by step.​

Answer 1

Answer:

12.5%

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Answer 2

Let the principal amount be x rs

S. I = PRT/100

S. I = 8Rx / 100

Amount = Principal + S.I

2x = x + ( 8Rx / 100 )

2x – x = 8xR / 100

x = 8xR / 100

100 = 8R

R = 100 / 8

R = 25/2

R = 12.5% per annum