8. A sum of money is invested at a rate of 40% per annum. Find the min

1.	8. A sum of money is invested at a rate of 40% per annum. Find the minimumnumber of years after which it will become double if the interest is compoundedannually
Answer» Answer: Let the AMOUNT be x and it becomes 2x in N NUMBER of years So INTEREST amount is x x=x(r/100)×n 1=(40/100).n 40n=100 n=100/40=2.5 years=2years 6MONTHS

8. A sum of money is invested at a rate of 40% per annum. Find the minimumnumber of years after which it will become double if the interest is compoundedannually

Answer»

Answer:

Let the AMOUNT be x and it becomes 2x in N NUMBER of years

So INTEREST amount is x

x=x(r/100)×n

1=(40/100).n

40n=100

n=100/40=2.5 years=2years 6MONTHS