Math, asked by siddikitahir, 2 months ago

In what time will a sum of money double itself at 10% compound interest payable half yearly
a. 7yrs b. 7.1 yrs c. 7.2yrs d. 7.3yrs

Answers

Answered by yourdad000
3

Answer:

At what rate of compound interest will a sum of money double itself in 8 years?

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18 Answers

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Sheetal Bansal, Running a brick manufacturing business.

Answered 4 years ago

At what rate of compound interest will a sum of money double itself in 8 years?

Simply Annual compound interest(A) equals,

A = P( 1 + r/100) ^t

Where P = your initial sum

r = rate of interest %age

t = time of investment

Since in this question, A = 2*P, t = 8

We get,

2*P = P(1+r/100)^8

2 = ( 1 + r/100)^8

Taking log both sides

Log(2) = 8*Log(1+r/100)

Since log2 ~. 301

.301/8 = log(1+r/100)

.037625 = log(1+r/100)

1.09049831 = 1 + r/100

r/100 = .09049831

r = 9.049831

Thus at 9.049831% rate of interest the sum will double itself if compounded annually 

Answered by Salmonpanna2022
2

A᭄nswer:-

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Explanation:

Let the principal amount be P, Simple interest amount is also P (This is because the money gets doubled if half the doubled amount will be the principal amount then the remaining amount will be its interest). Hence, the interest and the principal amount is equal here.

Rate at which the amount increases for every year is 10 for the money to be doubled at 10%.

Number of years be taken as “T”

Therefore

P = P×T×10/100 = P×T/10

P= P× T/10

T=10 yeyear

Hence, in 10 years, the amount will be doubled at 10%

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