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Question
In what time will a sum of money double itself at 8% p.a?
Sum
Solution
Let the principal (P) = ₹ 100
∴ Amount (A) = ₹ 100 × 2 = ₹ 200
∴ S.I. = A - P = ₹ 200 - ₹ 100 = ₹ 100
Rate (R) = 8 % p.a.
∴ Time = `("S.I." xx 100)/("P" xx "R")`
`= (100 xx 100)/(100 xx 8)`
`= 25/2 = 12 1/2` years
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