Question

in what time will a sum of money double it self at 15%per anum

Answer 1

Hi ,Let the principal = Rs p

Amount = A = 2p

Time = T years

Rate of interest = r = 15%

A = p( 1 + Tr/100 )

2p = p ( 1 + T × 15 /100 )

2p/p = ( 100 + 15T )/100

200 = 100 + 15T

200 - 100 = 15T

100 = 15T

100 / 15 = T

20 / 3 = T

Therefore ,

Required time = T = 6 2/3 years