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The Petersons deposited $1,000 in an account that earns 2% annual simple interest. How many years will it take the amount in the account to double?

The Petersons deposited $1,000 in an account that earns 2% annual simple interest. How many years will it take the amount in the account to double?
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The Petersons deposited $1,000 in an account that earns 2% annual simple interest. How many years will it take the amount in the account to double?

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User Jiji
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1 Answer

1 vote
Each year it will gain $10 so it will take 50 years.

1,000 × .02 = 20
1,000 ÷ 20 = 50
answered
User Vadim Sentiaev
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7.8k points
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