Question

How long will it take for $1000 to double at a simple interest rate of 5.5%

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \$ 2000\\ P=\textit{original amount deposited}\dotfill & \$1000\\ r=rate\to 5.5\%\to (5.5)/(100)\dotfill &0.055\\ t=years \end{cases} \\\\\\ 2000 = 1000[1+(0.055)(t)] \implies \cfrac{2000}{1000}=1+0.055t \\\\\\ 2=1+0.055t\implies 1=0.055t\implies \cfrac{1}{0.055}=t\implies 18.\overline{1818}=t`