Question

Emily invests $5,000 in an

account that pays 4% simple
interest. About how many years
will it take for the account to
double at this interest rate?

Answer 1

50 years

Explanation:

Answer 2

50 years

Explanation:

use the simple interest formula :

PRT/100

P is the principle (5000)

R is the rate of interest (4)

T is the time taken (x- unknown)

the amount at the end is double the amount invested = 5000*2 = 10000

(5000*4 * x )/100 = 10000

20000x/100=10000

20000x = 100*10000

20000x = 1 000 000

x= 1 000 000/ 20 000

x = 50

it will take 50 years