SOLUTION: To whomever can assist, thank you... How many years will it take $4000 to double itself if it is invested at 5% simple interest?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: To whomever can assist, thank you... How many years will it take $4000 to double itself if it is invested at 5% simple interest?      Log On


   

Question 57419This question is from textbook Elementary and Intermediate Algebra
: To whomever can assist, thank you...

How many years will it take $4000 to double itself if it is invested at 5% simple interest? This question is from textbook Elementary and Intermediate Algebra

Answer by funmath(2933) About Me  (Show Source):
You can put this solution on YOUR website!
How many years will it take $4000 to double itself if it is invested at 5% simple interest?
The formula for simple interest: I=Prt, where, I=interest, P=principle, r=rate, t=time (in years)
P=4000
r=5/100=.05
I=2(4000)=8000
t=t
Plug these values into your formula.
8000=(4000)(.05)t
8000=200t
8000/200=200t/200
40=t
t=40 years
Happy Calculating!!!