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

User FluffyBatman
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1 Answer

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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
User Slipmthgoose
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7.3k points
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