SOLUTION: How long, in years, will it take an investment of $1,000 to double to $2,000 at annual simple interest rate of 3%?

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Question 566779: How long, in years, will it take an investment of $1,000 to double to $2,000 at annual simple interest rate of 3%?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


Simple interest:



Where is the accrued amount, is the original principal, is the annual rate of interest expressed as a decimal, and is the number of years.

Since you want the investment to double, , so:

Solve



for

John

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