Question

Find the rate of interest at which a sum of money gets double in 12 years.

Answer 1

Answer:

Let Principal be = Rs 100

Then amount = 100*2 = Rs200

( money gets doubled : given in question)

Simple Interest = 200 - 100 = Rs100

( Si = amount - principal )

Time = 12 years

Rate = interest *100/principal *time

r = 100 * 100 / 100 * 12

r = 10000/1200

rate = 8.33%