SOLUTION: How long will it take $8000 to triple itself if it is invested at 6% simple interest.

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Question 77515: How long will it take $8000 to triple itself if it is invested at 6% simple interest.


Answer by Edwin McCravy(20055) About Me  (Show Source):
You can put this solution on YOUR website!


How long will it take $8000 to triple itself if it is 

invested at 6% simple interest. 



For $8000 to triple, it must become $24000



    A = P + Prt



24000 = 8000 + 8000(.06)t



24000 = 8000 + 480t



16000 = 480t



Divide both sides by 480



33.33 = t



Answer: 33 years and 4 months.



That's not keeping up with inflation because

33 years ago a gallon of gas was less than 40 cents. 



Edwin