Question

in how many years will a sum of money double itself in 12% per annum?​

Answer 1

Answer :

8 years 4 months

Explanation:

Let the Principal = P.

Then, S.I = P,

Rate (R) = 12%

SI = P T R / 100

⇒ Time = (100 x SI) / (R x P)

             = (100 x P) / (P x 12) years

             = 100 / 12 years

             = 8.33 years

1 year = 12 months

0.33 years = 0.33 *12 = 3.96 ≈ 4 months

So, the money will double itself in 8 years 4 months.