Question

In what time will a sum of money double itself at 30% per annum

Answer 1

Step-by-step explanation:

To calculate the return on your investments you just need to apply the simple rule of 72.

Rate of interest = 72÷no. Of years it takes to double your money.

Here you have given the rate of interest.

Hence 8%=72÷no. Of years

I.e.no. of years = 72÷8 = 9

Hence at 8% interest you will double your money in 9 years.

Answer 2

Answer:

let Principal be 1

Amount is doubled

so interest be 1

applying SI formula

1*100/1*30=T

10/3 or 3.33years