At what rate percent per annum will a sum of money double in 8 yr?
Correct Answer: 12.5 %
Explanation:
Let Sum = P, Then SI=P
As Amount A = 2 × P
where , P = Principal Rate R = (100 × SI)/(P × T)
= (100 × P)/(P × 8) %
= 12.5 %
where , SI= Simple Interest
T= Time
