How long it will take to john to double his deposit of $500 at 9% simple interest?

1 Answer
sankarankalyanam
Apr 19, 2018

"Period " N = 11(1/9) " years"Period N=11(19) years

Explanation:

Simple Interest I = (P * N * R) / 100, " where " I=P⋅N⋅R100, where

"Principal " = P, "No. of years " = N, " Rate of Interest " = RPrincipal =P,No. of years =N, Rate of Interest =R

Given P = $ 500, R 9, I = P = $ 500, " To find N"P=$500,R9,I=P=$500, To find N

N = (100 * I) / (P * R) = (100 * cancel(500)) / (cancel(500) * 9)

N = 100 / 9 = 11.11 " years"

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