How long does it take to double an investment of 10000 if th

How long does it take to double an investment of $10,000 if the investment pays only simple interest at the rate of 12% per annum? Round your answer to 2 decimal places, and enter your answer as follow:

Solution

Solution :

Simple interest =( Principle X time X interest )

Amount due = $ 20,000

-(Principal) = $ 10,000

Total interest = $ 10,000

10,000 = 10,000 X t X 0.12

t = (10,000 ) / 10,000 X 0.12

t = 8.3333 years .