How many years will it take for $4,000 to double at a simple interest rate of 5%? Show your work.

Mathematics

1 answer:

natita [175]3 years ago

3 0

Answer: in explination

Step-by-step explanation:

annual interest = .05(4000) = 200

to double, you need another $4000

number of years = 4000/200 = 20

annual interest = .05(4000) = 200

to double, you need another $4000

number of years = 4000/200 = 20

it will take 20 years

to check if you are right you would...

Check:

simple interest on $4000 for 20 years at 5%

= .05(20)(4000) = 4000

the amount = what we had + new amount

= 4000 + 4000 = 8000 which is double what we started with

So the answer would be it took 20 years.

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