Question

Raj invests £20,000 in a savings account at a compound interest rate of 4% per year. How long until he doubles his money?

Answer 1

Answer:

No worry my friend i solved it

answer : raj is invest a pounds 20,000 the sign or a symbol of pounds is £

now convert the pounds in rupees

1 £ (93.74 rupees)

so,we calculate the pounds in rupees

93.74 × 20,000 =

= 1874800

now so,we can use the formula compound interest p×t×r/1874800

p=10

t= 20hrs

r= 4 per year

now we give the answer is each year

r= 4× 12 =60

r= 60

10×20×60/1874800

30×60/1874800

1800/1874800

1041.55 is the interest of your per year in the 4%

of the doubles in money

so we get 1041.55× 2

ANSWER : 2083.11