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How long will it take $500 to double at a simple interest rate of 5%? Please also explain how you did it.

How long will it take $500 to double at a simple interest rate of 5%? Please also explain how you did it.
asked 22.0k views
1 vote
How long will it take $500 to double at a simple interest rate of 5%? Please also explain how you did it.

asked
User Erce Tilav
by
7.5k points

1 Answer

4 votes

Answer:

20 years

Explanation:

500x0.05=25

500/25=20

answered
User Mgaughan
by
8.2k points
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