SOLUTION: How long will it take $700 to triple itself at 10% simple interest?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: How long will it take $700 to triple itself at 10% simple interest?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 193688: How long will it take $700 to triple itself at 10% simple interest?
Answer by RAY100(1637) About Me  (Show Source):
You can put this solution on YOUR website!
$700*3=$2100
gain is 2100-700=1400 which is interest
remember I=PRT
1400=700*.10*T
2=.10 *T
T=20 yrs
check
A=P+Prt
2100=700 +700*.10*20=2100,,,ok