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12. At what rate at what rate of simple interestwill the sum ofmoney double itself in 6 years? |
| Answer» EY doubles itself WITHIN 8 years and 4 months when the rate of interest was 12 %Step-by-step explanation:In the above question, rate of interest, i.e., R= 12%The formula for SIMPLE Interest = (Principal x Rate x Time /100)= (P x R x T) /100 Assume Principal be PThe Simple interest that is paid is P SINCE the money doubles in T yearsSimple Interest = P = (P x R x T) / 100 T = 100 / R = 100 / 12 = 8.33 years, i.e., approximately 8 years and 4 months The money doubles itself within 8 years and 4 months | |