SOLUTION: how mdo you solve the problem of i=prt when the rate is the only thing that is given. ex.How long will it take P dollars to double itself at 12% simple interest

SOLUTION: how mdo you solve the problem of i=prt when the rate is the only thing that is given. ex.How long will it take P dollars to double itself at 12% simple interest

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Question 490109: how mdo you solve the problem of i=prt when the rate is the only thing that is given. ex.How long will it take P dollars to double itself at 12% simple interest
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal = P
time = ?
r=12%
I = P Since the amount doubles
P= P*0.12*t
t=1/0.12
=8.33 years
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