Question

The deposit amount is double in 8 years. Find the rate of interest??




Plz... Answer

Answer 1

Answer:

12.5%

Step-by-step explanation:

For simple interest, we know that amount of interest = PTR/100.

A certain sum of money doubles itself in 8 years as Simple interest.

Hence, P = (P * R * 8)/100

100P = 8PR

100 = 8R

R = 100/8

R = 12.5%.

Therefore, Rate of interest = 12.5%.

Hope it helps!

Answer 2

Step-by-step explanation:

Suppose the money is ₹100

After 8 years it doubles so becomes ₹200

So interest is 200–100=100

Time =8 years.

Interest= principle*rate*time/100

100=100*x*8/100

Or x= 100/8=12.5%