Question

You have deposited Rs.50,000 in the bank at an interest rate of 12% per annum. How many years will it take to double your principal?

Answer 1

⚡Hey mate⚡

✨Here is your answer✨

Deposit amount = 50000

Interest = 12% per annum

We want to double this amount. That means we get 100000 full value.

It means we gat 50000 simple interest on this amount. Now we want time.

Formula - :

Simple interest = price × rate × time ÷100

But we want time then formula is

Time = simple interest ×100 ÷ price × rate

Time = 50000 × 100 ÷ 50000 × 12

Time = 8.3

Your answer is 8 years and 3 months.


I hope it's helpful for you. Thank you ❤️❤️