Answer:
5 years
Step-by-step explanation:
Formula to calculate simple interest
A = P(1 + rt)
Where:
A = Future amount = 2(100)
P = Principal Amount = 100
r = Rate of Interest per year in decimal
r = R/100 = 20/100 = 0.2
To find,
t = Time Period
Put value in the formula
200 = 100(1 + 0.2t)
200/100 = (1 + 0.2t)
2 = (1 + 0.2t)
2 - 1 = 0.2t
1 = 0.2t
1/0.2 = t
t = 5 years
So, it will take 5 years to double money.
