SOLUTION: To whomever can assist, thank you...
How many years will it take $4000 to double itself if it is invested at 5% simple interest?
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Question 57419This question is from textbook Elementary and Intermediate Algebra
: To whomever can assist, thank you...
How many years will it take $4000 to double itself if it is invested at 5% simple interest?
This question is from textbook Elementary and Intermediate Algebra
Answer by funmath(2933) (Show Source): You can put this solution on YOUR website!
How many years will it take $4000 to double itself if it is invested at 5% simple interest?
The formula for simple interest: , where, I=interest, P=principle, r=rate, t=time (in years)
P=4000
r=5/100=.05
I=2(4000)=8000
t=t
Plug these values into your formula.
8000=(4000)(.05)t
8000=200t
8000/200=200t/200
40=t
t=40 years
Happy Calculating!!!
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