Question

In how much time rs 10 lakhs can be approximately doubled if invested at 8%compunded annually

Answer 1

Answer:

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Step-by-step explanation:

Given that,

P= 10 lacks= Rs 10,00,000

R= 8% compounded annually

The formula of compound interest is given by:

A= P(1+R/100)^n ( where A= amount, P= principal, R= interest, and n= duration)

Since the investment got doubled, so A= 2P

2P= P(1+8/100)^n

2= 1.08^n

Taking log both side,

log2= n*log1.08

Further solving, we get:

0.6931= n*0.0334

n= 0.6931/0.0334

n=20.75 yrs  

n= 20 years 9 months (approx)