In how much time will a of money double itself invested 8% simple interest per annum? (2024)

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Solution

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Let Principal (P)=Rs.a,Time (T)=T years, Rate (R)=8% and Amount (A)=Rs.2a

Using formula, A=P+SI,we get, SI=Rs.a

Therefore,

SI=P×R×T100

a×100=a×T×8

T=1008=12.5 years

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In how much time will a of money double itself invested 8% simple interest per annum? (2024)
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