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How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.

How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.
asked 190k views
3 votes
How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.

asked
User Frazell Thomas
by
8.1k points

1 Answer

2 votes
it will take 12.5 years (12 years and 6 month)
how?

4000=2000(1+.08t)
4000= 2000+2000(.08t)
4000=2000+160t
2000=160t
12.5=t
answered
User Dinari
by
8.1k points
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