SOLUTION: How long will it take your principal to double if it is invested at an annual rate of 2% simple interest with no additional deposits or withdrawals?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: How long will it take your principal to double if it is invested at an annual rate of 2% simple interest with no additional deposits or withdrawals?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 512071: How long will it take your principal to double if it is invested at an annual rate of 2% simple interest with no additional deposits or withdrawals?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
How long will it take your principal to double if it is invested at an annual rate of 2% simple interest with no additional deposits or withdrawals?
--------------------------
2P = P(1+0.02t]
---
1+0.02t = 2
0.02t = 1
t = 1/0.02
t = 50 years
========================================
Cheers,
Stan H.
============