Question

In how many years, a deposit of 15,000 will double at 8% per annum simple interest?
​

Answer 1

Answer:

The time taken will be 12.5 years.

Step-by-step explanation:

Principal amount=Rs 15000

Rate =8%

Total amount=2×15000

=Rs 30000

Therefore, simple interest=total amount- principal amount

=Rs(30000-15000)

= Rs 15000

Now,

SI=(P×R×T)/100

T=(SI×100)/(P×R)

=(15000×100)/(15000×8)

=12.5

Hence, the time taken will be 12.5 years to double the principal amount.