in what time will a sum of money put at 12 ½% simple interest double itself
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Answer:
[tex]a_0 +
\cfrac{1}{a_1 +
\cfrac{1}{a_2 +
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2
Step-by-step explanation:
Since it is mentioned that the interest is simple, we can simply divide 100 by 12 to get the time period…that would be 8 years and 4 months.
100 / 12 = 8 and 1/3 = 8 years and 4 months.
There is another approach for the same problem.
Since we are given the interest rate as 12% Simple Interest - it means the rate of interest is 1 percent per month…1 rupee per month on 100 rupees…so, it would take 100 months to get 100 rupees interest and thus double the original amount…
!00 months is 8 years and 4 months.
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