Question

How much time will it take an amount 2000 to double at a simple interest at a rate of 8%

Answer 1

given rate = 8% per ( annum or month)

amount should be doubled

means the %age increase =100%

from 8% the time it takes to double itself =

$100 \div 8$

12.5 years

Answer 2

It would take 12.5 years to double the amount.

Step-by-step explanation:

Consider the provided information.

The amount invested is 2000.

Double the amount means: 2000×2 = 4000

We had invested only 2000 and we are getting 4000. That means simple interest is 2000.

Now use the simple interest formula:

$S=\frac{P\times R\times t}{100}$

Where, S is the simple interest, P is the principal amount, R is the rate and t is the time.

Substitute the respective values in the above formula.

$2000=\frac{2000\times 8\times t}{100}$

$t=\frac{100}{8}$

$t=12.5$

Hence, it would take 12.5 years to double the amount.

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