Answer:
Step-by-step explanation:
Given:
Use simple interest formula to work out the time:
Answer:
Consider the provided information.
The amount invested is 2000.
Double the amount means: 2000×2 = 4000
We had invested only 2000 and we are getting 4000. That means simple interest is 2000.
Now use the simple interest formula:
[tex]S= \frac{P×R×t}{100} [/tex]
Where, S is the simple interest, P is the principal amount, R is the rate and t is the time.
Substitute the respective values in the above formula.
[tex]2000 = \frac{2000 \times 8 \times t}{100} [/tex]
[tex]t = \frac{100}{8} [/tex]
[tex]t = 12.5[/tex]
Hence, it would take 12.5 years to double the amount.
