SOLUTION: Solve the following problem. Keep in mind the suggestions we offered in this section. How long will it take $3,100 to double itself if it is invested at 8% simple interest?

Algebra ->  Equations -> SOLUTION: Solve the following problem. Keep in mind the suggestions we offered in this section. How long will it take $3,100 to double itself if it is invested at 8% simple interest?       Log On


   

Question 263888: Solve the following problem. Keep in mind the suggestions we offered in this section.
How long will it take $3,100 to double itself if it is invested at 8% simple interest?
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
2p=p+prt
p=3100
r=.08
3100=3100*.08*t
12.5 years