Question

in what time will a sum of money double itself at 8% p.a

Answer 1

Answer:

10 years.

Step-by-step explanation:

Let the principal be x

So, Amount = Double of principal = 2x

Rate of interest = 8%

Formula : $A=P(1+r)^t$

$2x=x(1+0.08)^t$

$2=(1+0.08)^t$

$t=9.006$

$t\sim 10$

So, a sum of money double itself at 8% p.a in 10 years.

Answer 2

Answer:

The answer will be 12½ years