Question

How long does it take $450 to double at simple interest rate of 14%

Answer 1

2p=p(1+0.14t),,2=1+0.14t,,1=0.14t,,t==7.14 years or 7 years

Answer 2

A = P(1+rt)
A (Future) = 450(2) = 900
P (Principal) = 450
R (Rate) = 14% = .14
T (Time) = Unknown

Create the equation:
900=450(1+.14t)

Distribute the 450:
900=450 + 450(.14t)

Multiply the 450(.14t)
900=450 + 63t

Subtract the 450:
450 = 63t

Divide by 63:
t=7.142857

Answer:
It will take 7.1 years.