Answer:
6 years
Step-by-step explanation:
Given values :
- Principal amount = Rs. 2000
- Time period = 3 years
- Rate = 15% per annum
To Find :
- Time taken to obtain twice the interest
Solving :
- First, find the interest.
- I = Prt
- I = 2000 x 0.15 x 3
- I = 6000 x 0.15
- I = Rs. 900
- So twice the interest = Rs. 1800
- Now using the [I = Prt] formula,
- t = I/Pr
- t = 1800/(2000 x 0.15)
- t = 1800 / 300
- t = 6 years
