Question

How long does it takes for a sum of money to become two times itself at simplete interest rate of 7% per annum

Answer 1

let initial amount=x
final amount=2x
interest=2x-x=x
now I=p*r*t/100
=>x=x*7*t/100
=>t=100/7=14.285yrs
so it takes 14.285 years