Question

How long will a sum of money take to double, if it is invested at 9.09% p.a. simple interest?

• A. 12 years
• B. 14 years
• C. 11 years
• D. 13 years

Answer 1

Answer:

C. 11 years

$R=9.09$Let Principle= P,

$$Money double so Amount = 2P

$SI=P$

$SI=\frac{PNR}{100}$

$P=\frac{PN}{11}$

$N=11years$