Question

If one invests Rs. 10,000 in a bank at a rate of
interest 8% per annum, how long does it take
to double the money by compound interest?
[(1.08)' = 1.47]
​

Answer 1

Answer:

After 9 year 10000 will be double

Step-by-step explanation:

We have given principle amount P = 10000

It is given that it will double in one year at 8 % rate

So amount after 1 year A = 20000

Rate of interest r = 8 %

Time = 1 year

We know that total amount after compound interest is give by

$A=P(1+\frac{r}{100})^n$

$20000=10000(1+\frac{8}{100})^n$

$2=1.08^n$

n = 9 year

So after 9 year 10000 will be double

Answer 2

Answer:

Step-by-step explanation: