Answer:
The money would take less than 50 years to double.
Explanation:
In this case we would receive simple interest on this deposit then the growth in investment after 50 years would be 50 x 2% = 100%
Therefore the money would double
In case of compound interest since the interest is earned on the interest received and so it would take lessor time than simple interest for the money to be double
Therefore the money would take less than 50 years to double
