SOLUTION: how long will it take to $200 to triple itself if it is invested at 2% simple interest?

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Question 234389: how long will it take to $200 to triple itself if it is invested at 2% simple interest?
Answer by stanbon(48510) About Me  (Show Source):
You can put this solution on YOUR website!
how long will it take to $200 to triple itself if it is invested at 2% simple interest?
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I = Prt
A(t) = P + Prt
A(t) = P(1+rt)
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Your Problem:
3*200 = 200(1+0.02*t)
3 = 1 + 0.02t
2 = 0.02t
t = 2/(0.02)
t = 2/(2/100)
t = 100 years
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Cheers,
Stan H.