Q:
      
      
         
            
At what rate percent per annum will a sum of money double in 8 years.
         
       
      
      
      
          
      
      
          Answer & Explanation
         Answer: A) 12.5%         
         
Explanation: Let principal = P, Then, S.I.= P and Time = 8 years
 
We know that S.I. = PTR/100
 
Rate = [(100 x P)/ (P x 8)]% = 12.5% per annum.
       
      
      
      
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