SOLUTION: how long it will take for a sum of money to double itself at 10% simple intrest?
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Question 927754: how long it will take for a sum of money to double itself at 10% simple intrest?
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
How long does it take for a sum of money to double itself at a simple interest rate of 10% per annum?
You presumably know the equation for simple interest calculations :
If you want the sum to double, then the interest must equal the principal (P), the amount you started with.
Therefore , hence
, from which
.
.
example:
let
be $
be % per year, or in decimal form,
is years time period
To find the simple interest, we multiply
so, the interest is: $ which is equal to the principal amount, and it means our principal amount is doubled
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