Question

Ex 4) Juwan invests $2,500 into a simple

interest account that Pays 3.7%.
How long will it take his money to couble?

list what you have I = Substitute info I = PRT
P=2,500
R=.037
T= ?

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$ 5000\\ P=\textit{original amount deposited}\dotfill & \$2500\\ r=rate\to 3.7\%\to (3.7)/(100)\dotfill &0.037\\ t=years \end{cases} \\\\\\ 5000 = (2500)(0.037)(t) \implies \cfrac{5000}{(2500)(0.037)}=t\implies 54.05\approx t`