Question

Find in how many years the sum 50,000 will double itself for 2% interest?​

Answer 1

Answer:

1000 intrest

will be he will pay 51000

Answer 2

The money doubles itself within 8 years and 4 months when the rate of interest was 12 %

Step-by-step explanation:

In the above question, rate of interest, i.e., R= 12%

The formula for Simple Interest = (Principal x Rate x Time /100)

= (P x R x T) /100  

Assume Principal be P

The Simple interest that is paid is P since the money doubles in T years

Simple Interest = P = (P x R x T) / 100

  T = 100 / R

     = 100 / 12

     = 8.33 years, i.e., approximately 8 years and 4 months  

The money doubles itself within 8 years and 4 months

have a nice day