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"#

Explanation:

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

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

Given #P = $ 500, R 9, 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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