Question

find the time in which a sum of money Doubles itself at a simple rate of 5%​

Answer 1

Let the sum of money that's principal be x.

Time=8 years

Amount after 8 years becomes double=2x

Therefore,

Simple interest=Amount -principal=2x−x=x

Rate per annum =

P×T

S.I×100

=

x×8

x×100

=

8

100

=

2

25

=12.5%

Then,

We get interest of 8years is 12.5%

Answer 2

This is the number of years it will take for your money to double. For example, if your money is earning an 8 percent interest rate, you'll double your money in 9 years (72 divided by 8 equals 9). Or, if your money is earning a 5 percent interest rate, you'll double it in 14.4 years (72 divided by 5 equals 14.4).