aaronspencer1 aaronspencer1

04-02-2021
Mathematics

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A sum of money is deposited at a bank at a rate of 12½ annum simple interest. In how many years would the deposited money be doubled

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harman79 harman79

04-02-2021

Answer:

It would take 10 years for the given sum of money be doubled at the given simple interest rate.

Step-by-step explanation:

A 10% interest would be added to the the principal amount after each year. So the interest would reach 100% i.e. equal to the principal amount in 10 years.

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