Answer:
It will take approximately 17 years
Step-by-step explanation:
Let the initial investment be x
The investment plus the principal yields 3x
The interest is thus 3x-x = 2x
Formula for simple interest is;
I = PRT/100
R is rate = 12%
T is time = ?
x =$2,000 which is the principal
2x = x * 12 * T/100
2 = 12t/100
12t = 200
t = 200/12
t = 16.67 which is approximately 17 years
