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.
