document.write( "Question 1068716: How long will it take for an investment to double at 3% a year. Simple interest rate. ( I know this easy and the answer is 20 but I can not figure out how to get it) \n" ); document.write( "

Algebra.Com's Answer #683989 by Fombitz(32388) $\"\"$ $\"About$

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Simple interest,
\n" ); document.write( " $\"I=Prt\"$
\n" ); document.write( "So the future value would be,
\n" ); document.write( " $\"F=P%2BI\"$
\n" ); document.write( " $\"F=P%2BPrt\"$
\n" ); document.write( " $\"F=P%281%2Brt%29\"$
\n" ); document.write( " $\"2P=P%281%2Brt%29\"$
\n" ); document.write( " $\"1%2Brt=2\"$
\n" ); document.write( " $\"rt=1\"$
\n" ); document.write( " $\"0.03t=1\"$
\n" ); document.write( " $\"t=1%2F0.03\"$
\n" ); document.write( " $\"t=33.3\"$ $\"yrs\"$
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\n" ); document.write( "If it's compounded interest,
\n" ); document.write( " $\"2P=P%281%2Bi%29%5Et\"$
\n" ); document.write( " $\"2=%281.03%29%5Et\"$
\n" ); document.write( " $\"t=log%28%282%29%29%2Flog%28%281.03%29%29\"$
\n" ); document.write( " $\"t=23.4\"$ $\"yrs\"$
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\n" ); document.write( "Neither equals 20.
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