Question

I what time will money deposited in a bank double itself if the rate of interest is 8⅓%?

Answer 1

Let the principal invested be Rs.x
Amount =Rs.2x
rate=25/3%
Time=100×si/principal×rate
》(100×(2x-x)/x25/3)
》100×3×x/x×25
》12

Time =12 years

Answer 2

Given : money deposited in a bank  double itself

Rate of interest = 25/3 % per annum

To Find : Time Period

Solution:

Let say Amount Deposited = P

Money gets Doubled = 2P

Interest Earned = 2P - P = P

Considering Simple interest

SI = P * R * T /100

P = P * (25/3) * T /100

=> 300/25 = T

=> T = 12

in 12 Years  money deposited in a bank  double itself if rate of interest is 25/3 % p.a.​ using SI.

Using Compound interest

2P = P (1  + 25/300)ⁿ

=> 2 = (13/12)ⁿ

=> log 2 = n (log 13 - log 12)

=> n = 8.66

in 8.66 years gets doubled using CI.

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