Answer:
Equation: 250(1 + 0.028t) = 500
Answer: 36 years
Explanation:
Simple interest formula
A = P(1 + rt)
where:
- A = final amount
- P = principal
- r = interest rate (in decimal form)
- t = time (in years)
Given:
- A = double $250 = $500
- P = $250
- r = 2.8% = 0.028
Substitute given values into the formula and solve for t:
250(1 + 0.028t) = 500
⇒ 250 +7t = 500
⇒ 7t = 250
⇒ t = 250/7
⇒ t = 35.71428571...
So it will take approximately 36 years for Edward to double his money.