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3 years ago

How long would it take Belinda's $800 investment to double in value if she has a bond with a 8.75% interest rate?

Mathematics

1 answer:

enyata [817]3 years ago

4 0

Answer:

it takes approximately 11 years and 3 months (11.4 years) for Belinda's investments to double.

Step-by-step explanation:

To calculate the time it takes for Belinda's money to double, we will use the simple interest formula as shown below:

Simple interest = P × R × T

where:

P = principal = $800

R = Rate in decimal = 8.75% = 0.0875

T = time = ???

simple interest = $800 ( her money doubles)

∴ 800 = 800 × 0.0875 × t

800 = 70 × t

∴ t = 800 ÷ 70 = 11.4 years. (11 years and 3 months)

Therefore after approximately 11 years and 3 months, Belinda's investments doubles

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