SOLUTION: Kate invested $3500 at a 5% simple interest rate. How many years will it take for the original amount of money to double?

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Question 570736: Kate invested $3500 at a 5% simple interest rate. How many years will it take for the original amount of money to double?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
At 5% interest $3500 earns +.05%2A3500+=+175+
$175 annually
Let +n+ = number of years it takes to double money
+n%2A175+=+3500+
+n+=+3500%2F175+
+n+=+20+
It will take 20 yrs to double the $3500