A sum of money is deposited in a bank at the rate of 10% per annum simple interest. in how many years will the deposited money be doubled

Let the money be p and let it take n years for the money to double.

Now,

Interest = Amount-Principle = 2p-p=p

ATP,

p*10*n/100 = p

n/10=1

n=10

Thus time required is 10 years

It would take 10 years for the given sum of money be doubled at the given simple interest rate.

Explanation:

A 10% interest would be added to the the principal amount after each year. So the interest would reach 100% i. e. equal to the principal amount in 10 years.

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