Question

In how many years will $600 double itself at 10% simple interest?

Answer 1

P = $600

r = 0.10 or 10%

t = ? years

A = 2P = 1200 the future value since the $600 will double itself

A = P(1 + r*t)

2P = P(1 + r*t)

1200 = 600(1 + 0.1*t)

600(1 + 0.1*t) = 1200 divide both sides by 600

1 + 0.1*t = 2

by solving we find

t = 10 years

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Answer 2

given the total interest  is double $600
that is , the interest will be = $1200
p = $ 600 , time =t , r = 10
 ( p× t× r)/100 =1200
 ( 600× t × 10)/100 =1200
 60t  =1200
     t = 20
after 20 years $ 600 will yield an interest of double itself.