At what rate will Rs 1609 double itself on simple interest in 5 years​

Question

At what rate will Rs 1609 double itself on simple interest in 5 years​

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Maya 2 weeks 2021-09-09T23:29:27+00:00 2 Answers 0 views 0

Answers ( )

    0
    2021-09-09T23:30:37+00:00

    Step-by-step explanation:

    In case of Simple interest, total amount A is,

    A=P(1+

    100

    rt

    )

    where

    P=Principal

    r=interest rate

    t=time (in years)=12 (given)

    After 12 years, Sum of money doubles itself,

    that is A=2P

    Now apply the formula,

    A=P(1+

    100

    rt

    )

    2P=P(1+

    100

    12r

    )

    2=1+

    100

    12r

    1=

    100

    12r

    Therefore,

    r=

    12

    100

    =8

    3

    1

    percent

    0
    2021-09-09T23:30:54+00:00

    Step-by-step explanation:

    1609 + 1609 + 1609 + 1609 + 1609

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