Question

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(a) Find the rate of interest if a sum of money gets doubled = 16 years
(b)Find the rate of interest if a sum of money gets combled in years.​

Answer 1

The money doubles itself, it means 100% money is added. So the simple interest is 6.25% per year.

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Answer 2

The money doubles itself and it means that all the money is doubled. So interest is 6.25 % per year .

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