. In what time will money deposited in a bank
double itself if rate of interest is 25/2 % p.a.
Answers
Given : money deposited in a bank double itself
Rate of interest = 25/2 % per annum
To Find : Time Period
Solution:
Let say Amount Deposited = P
Money gets Doubled = 2P
Interest Earned = 2P - P = P
Considering Simple interest
SI = P * R * T /100
P = P * (25/2) * T /100
=> 200/25 = T
=> T = 8
in 8 Years money deposited in a bank double itself if rate of interest is 25/2 % p.a. using SI.
Using Compound interest
2P = P (1 + 25/200)ⁿ
=> 2 = (9/8)ⁿ
=> log 2 = n (log 9 - log 8)
=> 0.301 = n(2* 0.477 - 3*0.301)
=> 0.301 = n(0.051)
=> n = 5.9
in 5.9 years gets doubled using CI.
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