Question

In how many years will a sum of money double itself at 10% simple interest per annum?

Answer with full working.

Answer 1

10 years

Step-by-step explanation:

Let the sum be 100.

Rate of interest = 10%

100 +( 100 × N x 10/100) = 200, where N is the period in years.

100 + 10 N = 200.

10 N = 100.

N = 10 .

Sum doubles in 10 years