Question

About how long will it take Levi’s investment of $350 to double if it earns 14.5% simple interest?

A. 5 years
B. 6 years
C. 7 years
D. 8 years

Answer 1

A. 5 years

Step-by-step explanation:

Present value = $350

Future value = $700

Interest = 14.5%

Number of years = Nper (-Pv, Fv, I)

Number of years = Nper (-350, 700, 14.5%)

Number of years = 5.119080084

Number of years = 5 years