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Ipatiy [6.2K]
3 years ago
13

How long will it take $5,000 to double in an account that pays 1.6% simple interest?

Mathematics
1 answer:
forsale [732]3 years ago
4 0

Answer:

43.667 years

Step-by-step explanation:

Simple Interest Rate Formula: A = P(1 + r)ⁿ

Step 1: Define variables

A = 10,000

P = 5,000

r = 0.016

n = unknown

Step 2: Substitute variables

10,000 = 5,000(1 + 0.016)ⁿ

Step 3: Solve for <em>n</em> time

2 = (1.016)ⁿ

\log_{1.016}2

43.667 years

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