if sum of money double itself in 8 years at simple interest the rate per cent of interest for annum is
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Sum is , P = A
Time , T = 8 yrs
Rate of interest per annum , R = ?
total interest , I = 2A - A = A = ( A × 8 × R ) / 100
R = 100A / 8A = 12.5 %
Time , T = 8 yrs
Rate of interest per annum , R = ?
total interest , I = 2A - A = A = ( A × 8 × R ) / 100
R = 100A / 8A = 12.5 %
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