How many years will take certain amount to double at 8% interest per annum at simple interest?
13$\dfrac{1}{2}$ years
12$\dfrac{1}{2}$ years
10 $\dfrac{1}{2}$ years
9 years
Explanation:
Let Principal = P, then, Amount = 2P,T=?
Formula=T = (100 × S.I)/(P × R)
So , S.I. = A - P = 2P – P = P
T = (100 × S.I)/(P × R)
= ( 100 × P)/(P × 8)
= 25/2
= 12 $\dfrac{1}{2}$ years