SOLUTION: how many years will it take for $2000 to double itself if is invested at 5% simple interest?

Question 221018: how many years will it take for $2000 to double itself if is invested at 5% simple interest?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

Start with the simple interest formula.

Plug in (double of the initial investment of $2000), , and (the decimal equivalent of 5%).

Multiply and to get .

Subtract from both sides.

Combine like terms.

Divide both sides by to isolate 't'.

Divide.

Rearrange the equation.

So it will take 20 years for an investment of $2000 to grow to $4000 with interest rate of 5% (using simple interest).

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