In how much time will a sum of money double itself at 12% per annum simple interest.
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Answer:
We know that SI = PRT/100
We know that SI = A - P.
A - P = PRT/100
2400 - 1200 = 1200 * 8 * T/100
1200 = 96T
T = 1200/96
= 12.5 years.
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