In how many years will a sum of money double itself at 10% per annum simple interest?
Answer (1)
9th Nov, 2024
Let's assume the principal amount be P.
Amount A after n years:
A = P + P * 0.1 * n
We desire to double the amount, so
A =2P.
And so: 2P=P+P*0.1n
We can make it even simpler thus:
P=P*0.1n
Dividing both sides by P:
1=0.1n
Solve for n:
n=1/0.1 =10
Hence, it will take 10 years for the amount to double at a 10% per annum simple interest.
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