Question

In how many years will rs.3000 double itself at 8% p.a. simple ineterest?

Answer 1

Answer: 12.5 years

Explanation:

principle = rs.3000

amount = rs.3000 x 2 = rs.6000

simple interest = amount - principle = 6000 - 3000 = rs3000

rate of interest = 8%

time = t

formula for simple interest =
`(p*r*t)/(100)`=si

(3000 x 8 x t)/100 = 3000

t = 25/2

t = 12.5 years