How long will it take $10,000 to double at 11% simple interest? (Round to the nearest year)

asked Aug 25, 2022 228k views

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Answer:

I =(P*R*T)/(100) = (10000 * 11 * T)/(100) = 1100T

Given A =20000

$Amount = Interest + Principal\\20000 = 1100T + 10000\\20000 - 10000 = 1100T\\\\T= (10000)/(1100) = (100)/(11) = 9.09 years$

T =9years

Giora answered Aug 29, 2022

by Giora

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