Noah is planning his birthday party. He is deciding between three themes: space, safari, and comics. He also has to determine wh
ere he wants his party, at a skating rink or a park. Lastly, he needs to pick the day of the week that the party will happen. His options are Friday, Saturday, or Sunday. How many different possible party outcomes does Noah have with all of these options? solve 1 2 3 4 5 by this math problem
2 answers:
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Answer:
It will take 14.29 years for your bank balance to double from $1,000 to $2,000.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
.
If the interest rate is 7%, how many years will it take for your bank balance to double from $1,000 to $2,000?
We have that
We want to find t when E = 1000, so .
It will take 14.29 years for your bank balance to double from $1,000 to $2,000.