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Question 126
At what rate percent per annum with simple interest will a sum of money double in 12.5 years?
Solution
Let the Principal be Rs.P
Amount after 12.5 years = Rs.2P
Interest = Rs.2P - Rs.P = Rs.P
Let the rate of interest be R%
$$\dfrac{P\times R\times12.5}{100} = P$$
=> $$R = \dfrac{100}{12.5} = 8$$%
Therefore, Rate of interest = 8%.
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