Question

In how many years will a sum of money double itself at 8% p.a.​

Answer 1

Step-by-step explanation:

Let the principal be x

So, Amount = Double of principal = 2x

Rate of interest = 8%

Formula :

2x=x(1+0.08) ^t

2=(1+0.08) ^t

t=9.006

t~10

So, a sum of money double itself at 8% p.a in 10 years.

Answer 2

Answer:

10 years.

Step-by-step explanation:

Here, principal (p) =X

So, the amount (A) =double of principal 2x

Rate of int% is = 8%

$formula \\ a(1 + x)t$

10years