Question

What time will be required for a sum of money to double itself at 10% simple interest?

Answer 1

Answer:

In 10 years of time, the amount of money will get doubled at 10%

Explanation:

Let the principal amount be P, Simple interest amount is also P (This is because the money gets doubled if half the doubled amount will be the principal amount then the remaining amount will be its interest). Hence, the interest and the principal amount is equal here.

Rate at which the amount increases for every year is 10 for the money to be doubled at 10%.

Number of years be taken as “T”

Therefore  

Hence, in 10 years, the amount will be doubled at 10%