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In how many years will a sum of money double itself at 8% per annum? |
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Answer» Let the sum of money = Rs x Therefore amount = Rs 2x Interest = sum*time*rate of interest/100 = x*time*8/100 Interest = 8x*time/100 Amount = sum + interest 2x = x + 8x*time/100 2x = (100x + 8x*time)/100 200x = 100x + 8x*time 8x*time = 100x time = 100x/8x = 12.5 years |
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