zclopez918 zclopez918

23-05-2021
Mathematics

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How long will it take $10,000 to double at 11% simple interest? (Round to the nearest year)

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sreedevi102 sreedevi102

23-05-2021

Answer:

[tex]I =\frac{P*R*T}{100} = \frac{10000 * 11 * T}{100} = 1100T[/tex]

Given A =20000

[tex]Amount = Interest + Principal\\20000 = 1100T + 10000\\20000 - 10000 = 1100T\\\\T= \frac{10000}{1100} = \frac{100}{11} = 9.09 years[/tex]

T =9years

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