In how many years will a sum of money double itself at 12% simple interest?
Answers
Step-by-step explanation:
Since it is mentioned that the interest is simple, we can simply divide 100 by 12 to get the time period…that would be 8 years and 4 months.
100 / 12 = 8 and 1/3 = 8 years and 4 months.
There is another approach for the same problem.
Since we are given the interest rate as 12% Simple Interest - it means the rate of interest is 1 percent per month…1 rupee per month on 100 rupees…so, it would take 100 months to get 100 rupees interest and thus double the original amount…
!00 months is 8 years and 4 months.
Answer:
In how many years will money double itself at 12% per annum?
Power to create from anywhere.
Since it is mentioned that the interest is simple, we can simply divide 100 by 12 to get the time period…that would be 8 years and 4 months.
100 / 12 = 8 and 1/3 = 8 years and 4 months.
There is another approach for the same problem.
Since we are given the interest rate as 12% Simple Interest - it means the rate of interest is 1 percent per month…1 rupee per month on 100 rupees…so, it would take 100 months to get 100 rupees interest and thus double the original amount…
!00 months is 8 years and 4 months.