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The rate of simple interest per annum at which a sum of money doubles itself in 16⅔ years is:1). 4%2). 5%3). 6%4). 62/3% |
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Answer» Let the principal AMOUNT be P. Now the amount A after 16?years is doubled, hence amount is 2P. Where, P = principal amount R = RATE of interest T = time in years = 162/3 = 50/3 I = simple interest Amount A = I + P According to question A = P + P × R × T/100 2P = P + P × R × T/100 P = P × R × T/100 R = 100/T R = 100 × 3/50 R = 6% |
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