SOLUTION: The Petersons deposited $1,000 in an account that earns 2% annual simple interest. How many years will it take the amount to double?

Question 1117229: The Petersons deposited $1,000 in an account that earns 2% annual simple interest. How many years will it take the amount to double?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The Petersons deposited $1,000 in an account that earns 2% annual simple interest. How many years will it take the amount to double?
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A(t) = P(1+rt)
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2000 = 1000(1+0.02t)
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1+0.02t = 2
0.02t = 1
t = 100/2 = 5 yrs
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Cheers,
Stan H.
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