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