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At what rate percent per annum will a sum of money double in 8 years.

12.5%
13.5%
11.5%
14.5%

Correct Answer: 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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