If a certain sum of money becomes double at simple interest in 12 yr. What would be the rate of interest per annum?

Question

Accepted Answer

Let the amount be P, then amount after 12 yr = 2 P
SI = 2P - P = P
SI = (P x R x T)/ 100
P = (P x R x 12)/ 100
⇒ R = 100/12 = 8¹/₃%

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