Question
Download Solution PDFA sum of money at simple interest doubles itself in 8 years. What is the rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum of money at simple interest doubles itself in 8 years.
Formula Used:
Simple Interest (SI) = (Principal × Rate × Time) / 100
When the sum doubles, SI = Principal
Calculation:
Let Principal = P
Since the sum doubles, Amount = 2P
Simple Interest (SI) = 2P - P = P
Time (T) = 8 years
Using the formula, SI = (P × Rate × Time) / 100
⇒ P = (P × Rate × 8) / 100
⇒ 100 = Rate × 8
⇒ Rate = 100 / 8
⇒ Rate = 12.5%
The rate of interest is 12.5%.
Last updated on Dec 9, 2024
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