26kremc 26kremc
  • 02-02-2021
  • Mathematics
contestada

How long will it take $500 to double at a simple interest rate of 5%? Explain how you found your
answer.

Respuesta :

anon0410
anon0410 anon0410
  • 02-02-2021

Answer:

20

Step-by-step explanation:

Use A=P(1+rt). First, A would be the final value. P would be the principal amount, r is the rate, and t would be the time. So to solve this:

1000= 500(1+.05t)

1000= 500 + 25t

500 = 25t

t = 20

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