Question

In how many years will rs. 2 lakh double itself at 11.5% per annum simple interest?

Answer 1

The simple interest formula is given by :

Interest = Principle × rate/100 × time

If the amounts doubles it will become 4 lakhs.

The interest is therefore equal to :

4 - 2 = 2 lakhs

Substituting this in the formula we have :

2 = 2 × 11.5/100 × t

2 = 2 × 0.115 × t

0.23t = 2

t = 2/0.23

t = 8.6956 years

It takes 8.6956 years for this amount to double.

Answer 2

"The simple interest formula is given by:

$Interest\quad =\quad Principal\quad \times \quad \frac { Rate }{ 100 } \quad \times \quad Time$

Mention on the amounts doubles it will become 4 lakhs.

The interest is therefore equal to: 4 - 2 = 2 lakhs

Apply substituting this in the formula we have:

$2\quad =\quad 2\quad \times \quad \frac { 11.5 }{ 100 } \quad \times \quad t$

$2\quad =\quad 2\quad \times \quad 0.115\quad \times \quad t$

$2\quad =\quad 0.23\quad \times \quad t$

$t\quad =\quad \frac { 2 }{ 0.23 }$

$t\quad =\quad 8.6956\quad \approx \quad 9$

It takes 8.6956 years for this amount to double.

Approximately 9 years of time will be taken to double the amount."