SOLUTION: olve the problem by setting up and solving an appropriate algebraic equation. How long will it take $200 to double itself at 11% simple interest? how many yr

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: olve the problem by setting up and solving an appropriate algebraic equation. How long will it take $200 to double itself at 11% simple interest? how many yr      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1108865: olve the problem by setting up and solving an appropriate algebraic equation.
How long will it take $200 to double itself at 11% simple interest?

how many yr
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
If +P+ doubles, then +I+=+P+
+200+=+200%2A.11%2At+
+1+=+.11t+
+t+=+1%2F.11+
+t+=+9.091+
It will take 9 years