How long does it take $450 to double at simple interest rate of 14%
2 answers:
2p=p(1+0.14t),,2=1+0.14t,,1=0.14t,,t==7.14 years or 7 years
A = P(1+rt)
A (Future) = 450(2) = 900
P (Principal) = 450
R (Rate) = 14% = .14
T (Time) = Unknown
Create the equation:
900=450(1+.14t)
Distribute the 450:
900=450 + 450(.14t)
Multiply the 450(.14t)
900=450 + 63t
Subtract the 450:
450 = 63t
Divide by 63:
t=7.142857
Answer:
It will take 7.1 years.
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