kamini deposited her savings in a bank accourt that offer 100/9, simple interest How many year will it take two double the account.
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kamini deposited her savings in a bank accourt that offer 100/9, simple interest How many year will it take two double the account.
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Answer:
It will take approximately 11 years to double a sum of money invested at 9.09% simple interest.
The formula for simple interest is SI = PRT/100, where:
SI: = Simple interest
P: = Principal
R: = Rate
T: = Time
For example, if the principal is 100 and the simple interest is 100, then 100 × 5 × T / 100 = 100, so T = 20 years.
The Rule of 72 is a simple way to determine how long an investment will take to double given a fixed annual rate of interest.
Explanation:
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Answer:
For instance, the daily amount is ₹ 4 lakhs, and the interest rate on the particular savings account is 4% per year; the calculation will be as follows: 4 lakhs * 30 * (4/100) / 365 = ₹1315 per month in interest.
Explanation:
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