Question

at what rate percent of simple interest will a sum of money double itself in 12 years​

Answer 1

Answer:

8

3

1

percent

Step-by-step explanation:

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

3

1

percent