How long will it take $500 to double at a simple interest rate of 5%?Explain how you found your answer?

Question

asked Jun 21, 2019 147k views

1 Answer

Slipmthgoose · Answer 1 · 2019-06-27T09:28:26+0000

Well, you use the equation A = P(1+rt), where p is the principal amount of money, r is the rate(decimal), t is the time and A is the final value.
So,
1000 = 500(1+.05t)
1000 = 500 + 25t
500 = 25t
t = 20

How long will it take $500 to double at a simple interest rate of 5%?Explain how you found your answer?

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

Please log in or register to add a comment.

No related questions found

Categories

Other Questions