Question

find the time it would take a sum to get doubled if it is compounded annually at 10% per annum​

Answer 1

Answer

it will take 10 years for the sum of money to double itself with the rate of 10% per annum simple interest.

Aswer step by step

Explain step by step

Let the sum be 100.

100 +( 100 × N x 10/100) = 200, where N is the period in years.

100 + 10 N = 200.

10 N = 100.

N = 10 .

Sum doubles in 10 years