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7 September, 02:20

On a deposit of $100 at a simple interest rate of 20%, How many years would it take to double your money?

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  1. 7 September, 02:34
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    5 years

    Step-by-step explanation:

    Formula to calculate simple interest

    A = P (1 + rt)

    Where:

    A = Future amount = 2 (100)

    P = Principal Amount = 100

    r = Rate of Interest per year in decimal

    r = R/100 = 20/100 = 0.2

    To find,

    t = Time Period

    Put value in the formula

    200 = 100 (1 + 0.2t)

    200/100 = (1 + 0.2t)

    2 = (1 + 0.2t)

    2 - 1 = 0.2t

    1 = 0.2t

    1/0.2 = t

    t = 5 years

    So, it will take 5 years to double money.
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