Register

How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.

How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.
190k views
3 votes
How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.

User Frazell Thomas
by
8.1k points

1 Answer

2 votes
it will take 12.5 years (12 years and 6 month)
how?

4000=2000(1+.08t)
4000= 2000+2000(.08t)
4000=2000+160t
2000=160t
12.5=t
User Dinari
by
8.1k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!