SOLUTION: I place 1,000 in savings with an interest rate of 6%, how long would it take to have 2,000 in savings with just the interest rate?

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Question 629164: I place 1,000 in savings with an interest rate of 6%, how long would it take to have 2,000 in savings with just the interest rate?
Found 2 solutions by ewatrrr, 303795:
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount $2000

P= principal = $1000

r= annual rate = .06

n= periods per year = 1

t= years =

 2000+=+1000%281.06%29%5E%28t%29

  log 2/log(1.06) = t

Answer by 303795(602) About Me  (Show Source):
You can put this solution on YOUR website!
You will have $2000 in the account after you have accumulated an extra $1000 of interest.
Interest = Principal x interest rate x time
1000 = 1000 x 6/100 x time
1000 = 60 x time
1000 / 60 = time
Time will be 16.67 years