Question

8. A sum of money is invested at a rate of 40% per annum. Find the minimum
number of years after which it will become double if the interest is compounded
annually​

Answer 1

Answer:

Let the amount be x and it becomes 2x in n number of years

So interest amount is x

x=x(r/100)×n

1=(40/100).n

40n=100

n=100/40=2.5 years=2years 6months