Question

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:

The answer will be 2.5 years or 2 years 6 months.

Step-by-step explanation:

Since,

40% growth in 1 year.

Therefore, 1% growth in 1/40 years.

Therefore,100% growth in 1/40×100 years.

So, After 2.5 years (2 years 6 months) it will be double if the interest is compounded annually.

THANK YOU.

I HOPE IT MAY HELP YOU.

I HOPE THE ANSWER WILL BE RIGHT.