in how many years will a sum of money double it self at 12% per annum?
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Formula : for simple interest
(n-1) = rt /100 ------ (i)
here n =2 (double)
r = 12%
t =?
from (i)
(2-1) = (12×t)/100
=> 1 = 12t/100
=> t = 100/12 = 25/3 years = 8(1/3) years
Hope it helps
(n-1) = rt /100 ------ (i)
here n =2 (double)
r = 12%
t =?
from (i)
(2-1) = (12×t)/100
=> 1 = 12t/100
=> t = 100/12 = 25/3 years = 8(1/3) years
Hope it helps
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