Question

Find the time after which the simple interest on a sum of money will be double of the sum at the rate of 8% per annum

Answer 1

The formula for accrued simple interest is given by:

A=P(1+rt)

Where A is the total accumulated funds, in an unspecified currency

P is the principal, in presumably the same, unspecified currency.

r is the interest rate, in terms of a percent per year, and

t is the time, in this case expressed in years.

To arrive at the doubling time, just set A to twice that of P.