Answer:
The number of years in which saving gets double is 8 years .
Step-by-step explanation:
Given as :
The principal amount saved into the account = p = $8,000
The rate of interest applied = r = 9%
The Amount gets double in n years = $A
Or, $A = 2 × p = $8,000 × 2 = $16,000
Let the number of years in which saving gets double = n years
Now,<u> From Compound Interest method</u>
Amount = Principal × ![(1+\dfrac{\textrm rate}{100})^{\textrm time}](https://tex.z-dn.net/?f=%281%2B%5Cdfrac%7B%5Ctextrm%20rate%7D%7B100%7D%29%5E%7B%5Ctextrm%20time%7D)
Or, 2 × p = p × ![(1+\dfrac{\textrm r}{100})^{\textrm n}](https://tex.z-dn.net/?f=%281%2B%5Cdfrac%7B%5Ctextrm%20r%7D%7B100%7D%29%5E%7B%5Ctextrm%20n%7D)
Or, $16,000 = $8,000 × ![(1+\dfrac{\textrm 9}{100})^{\textrm n}](https://tex.z-dn.net/?f=%281%2B%5Cdfrac%7B%5Ctextrm%209%7D%7B100%7D%29%5E%7B%5Ctextrm%20n%7D)
Or,
= ![(1.09)^{n}](https://tex.z-dn.net/?f=%281.09%29%5E%7Bn%7D)
Or, 2 = ![(1.09)^{n}](https://tex.z-dn.net/?f=%281.09%29%5E%7Bn%7D)
Now, Taking Log both side
2 =
![(1.09)^{n}](https://tex.z-dn.net/?f=%281.09%29%5E%7Bn%7D)
Or, 0.3010 = n ×
1.09
Or, 0.3010 = n × 0.0374
∴ n = ![\dfrac{0.3010}{0.0374}](https://tex.z-dn.net/?f=%5Cdfrac%7B0.3010%7D%7B0.0374%7D)
I.e n = 8.04 ≈ 8
So, The number of years = n = 8
Hence, The number of years in which saving gets double is 8 years . Answer