Question

in how much time will a sum of money double itself at 12% per annum simple interest. ​

Answer 1

Answer:

The formula to compute simple interest is,

SI=\frac{P\times r\times t}{100}SI=

100

P×r×t

The formula to compute amount is:

A = SI + P

Given:

P = x

A = 2x

r = 12% p.a.

Then the simple interest is:

SI = A - P

= 2x - x

= x

Compute the value of t as follows:

\begin{gathered}SI=\frac{P\times r\times t}{100}\\x=\frac{x\times 12\times t}{100}\\100=12t\\t=8.33\end{gathered}

SI=

100

P×r×t

x=

100

x×12×t

100=12t

t=8.33

Thus, the time required is 8 years and 4 months.

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Answer 2

Answer:

P = 100

R = 12%

A = 100

I = 100

T = I×100/P×R

= 100×100/100×12

= 100/12

= 25/3

= 8 whole 1/3