Question

in how many years an amount will become
its double at rate 12% per annum?​

Answer 1

Given:

Rate = 12 % p.a.

The amount becomes double of itself.

To Find:

The time taken for the amount to double.

Calculation:

- Let the principal amount be P.

⇒ The final amount = 2P

⇒ P + Interest = 2P

⇒ Interest = P

- Now, as we know that:

Interest = (P × R × T)/100

⇒ P = (P × R × T)/100

⇒ T = (P × 100)/(P × R)

⇒ T = 100/R

⇒ T = 100/12

⇒ T = 8.33 year

- So, any amount will become its double in 8.33 years at rate 12 % per annum.