SOLUTION: Ross has 6 ½ years to double his $13000. What interest rate does Ross need?

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Question 1111060: Ross has 6 ½ years to double his $13000. What interest rate does Ross need?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
Using simple interest formula:
+I+=+P%2Ar%2At+
+I+=+13000+
+P+=+13000+
+t+=+6.5+
------------------
+13000+=+13000%2Ar%2A6.5+
+1+=+6.5r+
+r+=+1%2F6.5+
+r+=+.1538+
15.38% interest rate