Question

At what rate will an amount become double of its sum at the interest rate of
5 per hundred
per
annum?
​

Answer 1

When we replace r with 0.05 (5%), we find t=14.2067, which means that applying an interest rate of 5% per year, the initial amount will double in 14.2067 years, or 14 years and almost 2 and a half months (2.48 to be exact).

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