Question

29)In what time will a sum of money double itself at 8% per annum simple interest?

A) 10years

B) 12years 6 months

C) 15years

D) 15years 6 months​

Answer 1

Answer:

10 years.

Step-by-step explanation:

Let the principal be x

So, Amount = Double of principal

Rate of interest = 8%

Formula: A = P(1 + r)t

2x = x(1 + 0.08)*

2 = (1 + 0.08)

t = 9.006

t~ 10

So, a sum of money double itself at 8% p.a in 10 years.

Answer 2

Answer:-

(B) 12.6 years

Step-by-step explanation:-

Let the sum invested be Rs. x.

Amount will be A = 2x

Simple interest = 2x - x = x

SI = PNR/100

x = x × N × 8/100

N = 12.6 years

In 12.6 years time will a sum of money double itself if invested at 8% simple interest per annum.

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