At what rate percent of interest per annum will a sum of money double in 8 years
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Let the Principal be P
So, Amount = 2P
So, Interest for 8 years = 2P-P = P
So, interest per year = P/8
As, SI= PRT/100
So, P/8 = PR/100
Dividing both sides be P
We get
1/8 = R/100
So, R = 100/8
= 25/2 = 12.5%
Answer: The rate of interest is 12.5% p.a.
So, Amount = 2P
So, Interest for 8 years = 2P-P = P
So, interest per year = P/8
As, SI= PRT/100
So, P/8 = PR/100
Dividing both sides be P
We get
1/8 = R/100
So, R = 100/8
= 25/2 = 12.5%
Answer: The rate of interest is 12.5% p.a.
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