SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest?

Question 352502: how long will it take 4000$ to double itself if it is invested at 8% 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 the initial investment of $4000), , and (the decimal equivalent of 8%).

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 about 12.5 years for an investment of $4000 to double to $8000 with an interest rate of 8% (using simple interest).

If you need more help, email me at jim_thompson5910@hotmail.com

Also, feel free to check out my tutoring website

Jim
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