SOLUTION: At what rate of simplest interest will 1000 accumulate to 1420 in 2.5 years, money double itself in 8 years? 500 accumulate 10 interest in 2 years?

Question 1014739: At what rate of simplest interest will 1000 accumulate to 1420 in 2.5 years, money double itself in 8 years? 500 accumulate 10 interest in 2 years?

Answer by macston(5194) (Show Source): You can put this solution on YOUR website!
.
1). At what rate of simple interest will 1000 accumulate to 1420 in 2.5 years?
.
1420-1000=420 you need 420 in interest
.
420/2.5=168 you need 168 in interest per year.
.
(168/1000)(100%)=16.8%
.
ANSWER 1: 16.8%
.
2). At what rate will 1000 double itself in 8 years?
.
To double you need 1000 in interest total
.
1000/8 yrs=125/yr you need 125 in interest per year
.
(125/1000)(100%)=12.5%
.
ANSWER 2: 12.5%
.
3). At what rate will 500 earn 10 in interest in 2 years?
.
10/2 years = 5 per year You need to earn 5 per year
.
(5/500)(100%)= 1%
.
ANSWER 3: 1%

RELATED QUESTIONS
Please help clarify at how you arrive at the answer to this question: at what rate of... (answered by rfer)

simple interest- at what rate of interest will a sum of money double itself in 5... (answered by Alan3354,Elakurthy)

at what simple interst rate will a sum of money double itself in 5 years ? (answered by Alan3354)

At what nominal rate of interest , compounded yearly, will money double in eight years? (answered by stanbon)

in what time will a sum of money double itself at 5 % simple interest per... (answered by MathLover1)

Find the rate at which a sum of money will double itself in 3 years , if the interest is... (answered by jorel555)

In how many years will an account double itself at rate of 5% compounded... (answered by tommyt3rd)

a certain sum of money doubles itself at simple interest in 8 years. in how many years... (answered by mananth)

At what rate percent compound interest does a sum of money become 2.25 times of itself in (answered by ewatrrr)