56 Views

In how many years will a sum of money double itself at 10% per annum simple interest?


Siddu.B.Kanaj 9th Nov, 2024
Answer (1)
Samprikta Mondal 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.

Amity University, Noida : MBA...
Apply
Ranked among top 10 B-Schools in India by multiple publications | Top Recruiters-Google, MicKinsey, Amazon, BCG & many more.
Amity University Noida B.Tech...
Apply
Among top 100 Universities Globally in the Times Higher Education (THE) Interdisciplinary Science Rankings 2026
UPES B.Tech Admissions 2026
Apply
Ranked #43 among Engineering colleges in India by NIRF | Highest Package 1.3 CR , 100% Placements
Amity University, Noida | Law...
Apply
Among top 100 Universities Globally in the Times Higher Education (THE) Interdisciplinary Science Rankings 2026
XIME Bangalore PGDM Admission...
Apply
Accredited by AICTE & NBA | Highest CTC 14.7 LPA | Average CTC 10.5 LPA | Key Recruiters: EY, Deloitte, KPMG, HCL
UPES Integrated LLB Admission...
Apply
Ranked #18 amongst Institutions in India by NIRF | Ranked #1 in India for Academic Reputation by QS Rankings | 16 LPA Highest CTC
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books