SOLUTION: Daniel deposited Rs 3000 in an account. How many years will it take this money to double at simple interest rate at 10 %?
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Question 798543: Daniel deposited Rs 3000 in an account. How many years will it take this money to double at simple interest rate at 10 %?
Answer by Finavon(81) (Show Source): You can put this solution on YOUR website!
10% pa
Target 100%
Period
For compound interest:
n years
1.1^n=2
Log of both sides
n log1.1=log2
So
7.27 years
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