SOLUTION: How long will it take $700 to double itself at 7% simple interest?
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Question 342776: How long will it take $700 to double itself at 7% 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 the amount of $700), , and (the decimal equivalent of 7%).
Multiply and to get .
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 14.29 years for an investment of $700 to grow to $1400 with an interest rate of 7% (using simple interest).
If you need more help, email me at jim_thompson5910@hotmail.com
Also, please consider making a donation at my tutoring website. Thank you.
Jim
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