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alex41 [277]
3 years ago
9

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

Business
1 answer:
bulgar [2K]3 years ago
6 0

Answer:

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

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