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Question 85552: From a worksheet:
How long will it take $1750 to triple at 9.5% simple interest?
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! How long will it take $1750 to triple at 9.5% simple interest?
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Simple interest formula: P*r*t = I
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I assume that "Triple" means that you start with 1750, and end up with 5250
an additional $3500 added to the original 1750, $3500 is earned from interest
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P = $1750; r = .095; I = $3500
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1750 * .095 * t = 3500
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166.25t = 3500
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t = 3500/166.25
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t = 21.05 years to triple your money
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Check:
I = 1750 * .095 * 21.05
I = 3499.56 ~ $3500
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