Question

Katy wants to invest $3000 in a savings account that pays 7.9% simple interest. How long will it takefor this investment to double in value? Round your answer to the nearest tenth.Answer: xyears

Answer 1

`12.7`

Step-by-step explanation

Given;

`\begin{gathered} P=3000 \\ r=(7.9)/(100)=0.079 \\ \end{gathered}`

Hence, amount using simple interest;

`\begin{gathered} A=P(1+RT) \\ A=2P \\ \end{gathered}`

Hence, substitute the values;

`\begin{gathered} 2P=P(1+RT) \\ 2=1+0.079T \\ 0.079T=2-1 \\ T=(1)/(0.079) \\ =12.65 \end{gathered}`