Question

Daniel deposited rs. 3000 in an account. how many years will it take this money to double at simple interest rate at 10%

Answer 1

The number of years it will take Daniel so that the amount gets double is 10 years.

• Given:

Principal amount = Rs. 3000

Rate of Interest = 10%pa

• We have to find the number of years where the total amount is double the principal amount.

Total amount = 2 × Principal amount = 2×3000 = 6000

• Now, the simple interest to be obtained = Rs. 3000

• Formula to evaluate the Simple Interest = $\frac{PNR}{100}$

Now, using the given values to find the number of years,

3000 = $\frac{(3000)(N)(10)}{100}$

N = 3000/300

N = 10 years.

• Therefore, it would take 10 years for Daniel to take his money to double the principal amount.