SOLUTION: How long will it take P dollars to quadruple itself at 14% simple interest?
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Question 221383: How long will it take P dollars to quadruple itself at 14% 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 (since we want the investment of P to quadruple) and (the decimal equivalent of 14%).
Factor out the GCF 'P'
Divide both sides by P.
Subtract from both sides.
Combine like terms.
Divide both sides by to isolate 't'.
Divide.
Rearrange the equation.
Round to the nearest hundredth.
So it will take about 21.43 years for an investment to quadruple with an interest rate of 14% (using simple interest).
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