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In fixed deposit, a bank gives 10% interest compounded annually for senior citizens. how many complete years will it take for a sum of money to be more

than double



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Let the initial deposit = P
and it becomes double i.e. 2P in t years.
So amount, A=2P
interest = 10% 
compounded annually, so n = 1

2P=P(1+r)^{nt} \\  \\ 2P=P(1+0.1)^{t} \\  \\ 2P/P=1.1^{t} \\  \\ 2=1.1^{t} \\  \\ t=7.27\ years

So we need 7.27 years to double the sum. So to get more than double the sum deposited, we need 8 complete years.
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