In how many years will a sum of money
become double at 5% per annum SI?
Answers
Answered by
1
Answer:
Divide 5 percent income into 72 to double your money - that is roughly 14 years.
Assuming SI stands for Secured Income ? … Precisely it is 15 years.
Time N ?… Interest 5% per period, Present Value - 100, Future Value + 200
gives a time period of 15. Source hp 12C calculator.
Step-by-step explanation:
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Answered by
2
Answer:
20 years
Step-by-step explanation:
Let the sum of money be P and time be T.
Amount (A) = 2P
Simple Interest (SI) = A-P = 2P - P = P
Rate (R) = 5%
SI = PRT/100
=> P = P × 5 × T/100
=> 1 = 5/100 × T
=> T = 20 years
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