Question

Emily invests $5,000 in an account that pays 4% simple interest. About how many years will it take for the account to double at this interest rate?

A) 7 years
B) 60 years
C) 25 years
D) 27 years

Answer 1

c) 25 years

Explanation:

5,000 × 4%= 200

then divide the amount by the interest

5,000/200 = 25

it takes 25 years for the acount double at the interest rate.

Answer 2

B.60 Years

Explanation:

100% = 5,000

200% = Double = 10000

4% x 60 = 240%