SOLUTION: Rashid wants to invest $3600 in a savings account that pays 6.3% simple interest. How long will it take for this investment to double in value? Round your answer to the nearest ten
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Question 1195414: Rashid wants to invest $3600 in a savings account that pays 6.3% simple interest. How long will it take for this investment to double in value? Round your answer to the nearest tenth. Answer by jhunjiro(67) (Show Source):
You can put this solution on YOUR website! A = P (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Given:
A = 7200 investment to double in value
P = 3600
r = 6.3% = 0.063
t = ?
Substitute
7200 = 3600 ( 1 + .063t) Divide both sides by 3600)
2 = 1 + .063t Subtract 1 both sides
1 = 0 + .063t
1 = .063t divide both sides by .063
1/.063 = t
t = 15.873015873015873015873015873016
Round your answer to the nearest tenth.
t = 15.9 years
