Question

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​

Answer 1

Answer:

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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Answer 2

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