SOLUTION: How long will it take your principal to double if it is invested at an annual rate of 2% simple interest with no additional deposits or withdrawals?
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Question 512071: How long will it take your principal to double if it is invested at an annual rate of 2% simple interest with no additional deposits or withdrawals?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long will it take your principal to double if it is invested at an annual rate of 2% simple interest with no additional deposits or withdrawals?
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2P = P(1+0.02t]
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1+0.02t = 2
0.02t = 1
t = 1/0.02
t = 50 years
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Cheers,
Stan H.
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