You agree to work for your uncle. You earn $10 the first day, $20 the second day, $40 the third day, and $80 the fourth day. Wri
1 answer:
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Answer:
4 years and 2 months
Step-by-step explanation:
<u>Simple interest formula</u>
A = P(1 + rt)
where:
- A = final amount
- P = principal amount
- r = interest rate (in decimal form)
- t = time (in years)
Given:
- A = $500 × 2 = $1,000
- P = $500
- r = 24% = 0.24
Substitute the given values into the formula and solve for t:
Therefore, it takes 4 years and 2 months for the initial investment of $500 to double at a simple interested rate of 24%.