SOLUTION: I place 1,000 in savings with an interest rate of 6%, how long would it take to have 2,000 in savings with just the interest rate?

Question 629164: I place 1,000 in savings with an interest rate of 6%, how long would it take to have 2,000 in savings with just the interest rate?
Found 2 solutions by ewatrrr, 303795:
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

Hi,
In General
A = Accumulated Amount $2000
P= principal = $1000
r= annual rate = .06
n= periods per year = 1
t= years =

log 2/log(1.06) = t

Answer by 303795(602) (Show Source): You can put this solution on YOUR website!
You will have $2000 in the account after you have accumulated an extra $1000 of interest.
Interest = Principal x interest rate x time
1000 = 1000 x 6/100 x time
1000 = 60 x time
1000 / 60 = time
Time will be 16.67 years
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