if an ivestor deposits 1500$ in bank that pay 10% interest annually how long will it take to double this money

Number of year = 10 year

Explanation:

Given:

Principal = $1,500

Rate of interest = 10% = 0.1

Amount = 2 * Principal = 2 * $1,500 = $3,000

Interest = Amount - Principal = $3,000 - $1,500 = $1,500

Find:

Number of year = ?

Computation:

⇒ Interest = Principal * Rate of interest * Number of year

⇒ $1,500 = $1,500 * 0.1 * Number of year

⇒ $1,500 = $150 * Number of year

⇒ Number of year = $1,500 / $150

⇒ Number of year = 10 year