Question

. In what time will money deposited in a bank
double itself if rate of interest is 25/2 % p.a.​

Answer 1

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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