Question

In what time will money deposited in a bank double itself if rate of intrest is 12% P.a.?

Answer 1

8 1/3 years OR 8 years 4 months
let principal =100
when doubled =200
a = 200
a = p + i
200 = 100 + i
i = 100
i = p*r*t/100
100 = 100*12*t/100
100 = 12*t
t = 100/12
= 8 1/3

Answer 2

Given : money deposited in a bank  double itself

Rate of interest = 12 % 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 * (12) * T /100

=> 100/12 = T

=> T = 8 years 4 month

in 8 Years  4 months money deposited in a bank  double itself if rate of interest is 25/2 % p.a.​ using SI.

Using Compound interest

2P = P (1  + 12/100)ⁿ

=> 2 = (28/25)ⁿ

=> log 2 = n (log 28 - log 25)

=> 0.301 = n(2* 0.477 - 3*0.301)

=> 0.301 = n(0.051)

=> n = 6.11

in 6.11 years gets doubled using CI.

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