SOLUTION: How long will it take $3,300 to double itself if it is invested at 4% simple interest?
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Question 280487: How long will it take $3,300 to double itself if it is invested at 4% simple interest?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long will it take $3,300 to double itself if it is invested at 4% simple interest?
A(t) = P(1+rt)
6600 = 3300(1+(0.04*t)
2 = 1+0.04t
1 = 0.04t
t = 1/(4/100)
t = 25 years
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Cheers,
Stan H.
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