document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1125107>Question 1125107</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the total value An when a principle P is invested at 12% p.a. simple interest for n years. Hence find the smallest number of years required for the investment to double. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #741425 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=741425\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the formula for simple interest is i = n * p * r\r<BR>\n" );
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document.write( "i is the interest<BR>\n" );
document.write( "n is the number of time periods<BR>\n" );
document.write( "p is the principal<BR>\n" );
document.write( "r is the interest rate per time period.\r<BR>\n" );
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document.write( "when the investment is doubled, the interest is equal to the principal.\r<BR>\n" );
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document.write( "the formula becomes p = n * p * r\r<BR>\n" );
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document.write( "divide both sides of this equation by po to get 1 = n * r\r<BR>\n" );
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document.write( "divide both sides of this equation by r to get 1 / r = n\r<BR>\n" );
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document.write( "since r = .12, the formula becomes 1 / .12 = n which results in n = 8 and 1/3 years.\r<BR>\n" );
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document.write( "that's how long it will take for the money to double.\r<BR>\n" );
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document.write( "the total future value of the investment is given by the formula f = p + i.\r<BR>\n" );
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document.write( "when i = p, the formula becomes f = p + p which results in f = 2 * p, meaning the money has doubled.\r<BR>\n" );
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document.write( "so the minimum number of years for the money to double would be 8 and 1/3 years.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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