Question

one man invests some money in a bank at a simple interest rate of 8%p.a. how many years will it take for him to receive an amount which is double the principal

Answer 1

Answer:

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Step-by-step explanation:

P = $ 900,

R = 5% p.a.

T = 3 years 4 months = 40/12 years = 10/3 years

Therefore, S.I = (P × R × T)/100 = (900 × 5 × 10)/(100 × 3) = $ 150

Amount = P + S.I = $ 900 + $ 150 = $ 1050