SOLUTION: How long, in years, will it take an investment of $1,000 to double to $2,000 at annual simple interest rate of 3%?
Algebra.Com
Question 566779: How long, in years, will it take an investment of $1,000 to double to $2,000 at annual simple interest rate of 3%?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Simple interest:
^t)
Where 
is the accrued amount, 
is the original principal, 
is the annual rate of interest expressed as a decimal, and 
is the number of years.
Since you want the investment to double, 
, so:
Solve
^t\ =\ 2)
for
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
Susan invests R45 000 at a simple interest rate of 6% per year. Two years later, she adds (answered by )
1. how long does it take 1700 to double if it invested at 5% interest , compound monthly?
(answered by lwsshak3)
How long will it take to $680 to earn $102 in simple interest at an annual interest rate... (answered by mananth)
A sum of $2500, 000 earns interest at a rate of 12% per year compounded quarterly. How... (answered by ikleyn,solver91311)
1. Ellen has $8000 to invest in an RESP (Registered Education Savings Plan) for 7 years.... (answered by josmiceli)
How long will it take your principal to double if it is invested at an annual rate of 2%... (answered by stanbon)
M wishes to determine how long it will take an initial deposit of $10,000 to double.... (answered by ikleyn,mananth)
M wishes to determine how long it will take an initial deposit of $10,000 to double.... (answered by mananth)
How long will it take for $150 to earn $150 in simple interest at an annual interest rate (answered by ewatrrr)
