How many years will it take for $2000 to double at a simple annual interest rate of 8%

Consider the provided information.

The amount invested is 2000.

Double the amount means: 2000×2 = 4000

We had invested only 2000 and we are getting 4000. That means simple interest is 2000.

Now use the simple interest formula:

Where, S is the simple interest, P is the principal amount, R is the rate and t is the time.

Substitute the respective values in the above formula.

Hence, it would take 12.5 years to double the amount.

x= 149. 24+7=31. 180-31=149

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