if the rate of interest is 8% p.a.. , in how many years will a sum of money double itself?
Answers
Answered by
1
Step-by-step explanation:
Let the principal be x
So, Amount = Double of principal = 2x
Rate of interest = 8%
Formula : A=P(1+r)^tA=P(1+r)
t
2x=x(1+0.08)^t2x=x(1+0.08)
t
2=(1+0.08)^t2=(1+0.08)
t
t=9.006t=9.006
t\sim 10t∼10
So, a sum of money double itself at 8% p.a in 10 years.
Answered by
0
Answer:
10 years.
Step-by-step explanation:
Let the principal be x
So, Amount = Double of principal = 2x
Rate of interest = 8%
Formula : A=P(1+r)^tA=P(1+r)
t
2x=x(1+0.08)^t2x=x(1+0.08)
t
2=(1+0.08)^t2=(1+0.08)
t
t=9.006t=9.006
t\sim 10t∼10
So, a sum of money double itself at 8% p.a in 10 years.
Similar questions