Question

In what time will $4,850.00 double itself at the rate of 9.67% simple interest

Answer 1

Answer:

Principle = $4850

Amount = 2×$4850 = $ 9700

Rate = 9.67%

Interest = $ 4850

Time = ?

Also,

I = PRT/100

=> $4850 = $4850×9.67×T/100

therefore, time = 10.34 years