Question

how long will it taken for ₹5500 to become double the amount at the intrest rate of 10%?​

Answer 1

Answer:

Hope this answer is helpful to u and give me thanks and take thanks please follow me I will also follow back u

Step-by-step explanation:

You have specified simple interest. That means you will get $500 per year in interest at 10%. This must be a homework problem because banks don’t pay simple interest. They pay you interest on your increasing balance including the interest earned in past years. However, at $500/year it will take you 10 years to accumulate another $5,000.

You have specified simple interest. That means you will get $500 per year in interest at 10%. This must be a homework problem because banks don’t pay simple interest. They pay you interest on your increasing balance including the interest earned in past years. However, at $500/year it will take you 10 years to accumulate another $5,000.With compound interest it would take about 7 years. Another answer to this question has mentioned the rule of 72. This is a rough way to calculate the doubling time with compound interest. Divide the compound percent return into 72 to get the number of years it will take for your money to double.

Answer 2

Answer:

$Principle \: = \: Rs.5,500 \\ </p><p>Rate \: of \: Interest \: = \: 10% \\</p><p>Amount \: = \: [2*5500] \: = \: 11,000\\</p><p>S.I. \: = \: Amount \: - \: Principle \: = \\</p><p>11,000 \: - \: 5,500 \: = \: 5,500\\</p><p>We \: have \: to \: find \: the \: Time \\</p><p>$

=> 5,500 = 5,500 x 10/100 x T

=> 5,500 = 55 x 10 x T

=> 550 = 55 x T

=> 10 = T

Therefore, The time taken is 10 Years