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The rate of simple interest per annum atwhich a sum of money double itself in 16⅔ yrs. is1). 4%2). 5%3). 6%4). $6\frac{2}{3}$ % |
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Answer» Let the principal AMOUNT be P. Now the amount A after 16⅔years is doubled, hence amount is 2P. I = P × R × T/100 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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