How many years will it take to double an investment at 11% simple interest?
1 answer:
Answer:
10 years
Step-by-step explanation:
We can use the equation for simple interest: <em>I = P(1 + (R*T))</em>, and change some of the numbers: <em>2P = P(1 + (0.11*T))</em>
Divide: <em>2 = 1 + (0.11*T)</em>
Subtract: <em>1 = 0.11*T</em>
Divide: <em>T = 100/11 ≈ 9.09</em> ⇒ 10 years (rounded up because it won't be doubled until the next year)
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