Question

in what time a sum of money double itself at 3% per annum simple interest​

Answer 1

Answer:

A sum of money double itself at 3% per annum in $33\frac{1}{3} years$

Step-by-step explanation:

Let the Principal be P

Amount = 2P

Interest = 2P - P= P

∵ $I = \frac{P*T*R}{100}$ ⇒ $P = \frac{P*T*3}{100}$

T = 100/3 = $33\frac{1}{3} years$