Answer:
It will take 12.5 years double the balance
Explanation:
As we know
A = P (1 + rt)
where A is the amount
P is the principal sum of money deposited
r is the rate of interest (per annum)
t is the time in years
Substituting the given values we get -
2P = P ( 1+ 0.08 * t)
2 = 1+ 0.08 * t
1 = 0.08 * t
t =
[tex]\frac{1}{0.08} \\\frac{100}{8} \\12.5[/tex] years
