On a deposit of $100 at a simple interest rate of 20%, how many years would it take to double your money?

5 years

Step-by-step explanation:

Formula to calculate simple interest

Where:

A = Future amount = 2(100)

P = Principal Amount = 100

r = Rate of Interest per year in decimal

r = R/100 = 20/100 = 0.2

To find,

t = Time Period

Put value in the formula

200 = 100(1 + 0.2t)

200/100 = (1 + 0.2t)

2 =  (1 + 0.2t)

2 - 1 = 0.2t

1 = 0.2t

1/0.2 = t

t = 5 years

So, it will take 5 years to double money.

because they could drop even lower..