3 years ago

How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.

1 answer:

4 0

It will take 12.5 years (12 years and 6 month)
how?

4000=2000(1+.08t)
4000= 2000+2000(.08t)
4000=2000+160t
2000=160t
12.5=t

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