SOLUTION: 10. You invested your money in a fixed interest junk bond that earns 8.35% per year interest. How many years with simple interest will it take to double your money?

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: 10. You invested your money in a fixed interest junk bond that earns 8.35% per year interest. How many years with simple interest will it take to double your money?      Log On


   

Question 380099: 10. You invested your money in a fixed interest junk bond that earns 8.35% per year interest. How many years with simple interest will it take to double your money?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Interest rate = 8.35%
Let principal be $ 100
double your money = $200
So interest = $200-100=$100
n = number of years
...
I= p*r*n
100=100*0.0835*n
n= 100/100 *0.0835
n=1/0.0835
n= 11.97 years
Say 12 years
...
m.ananth@hotmail.ca