Question

in fixed deposit, a bank gives 10% interest compounded annually for senior citizens. how many complete years will it take for a sum of money to be more than double

Answer 1

Let the initial deposit = P
and it becomes double i.e. 2P in t years.
So amount, A=2P
interest = 10% 
compounded annually, so n = 1

$2P=P(1+r)^{nt} \\ \\ 2P=P(1+0.1)^{t} \\ \\ 2P/P=1.1^{t} \\ \\ 2=1.1^{t} \\ \\ t=7.27\ years$

So we need 7.27 years to double the sum. So to get more than double the sum deposited, we need 8 complete years.

Answer 2

Answer:

Step-by-step explanation:

so we need 7.27 days and 8 whole years to panic and rush to police before you are killed and hanged and