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24-01-2018
Mathematics

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

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puppys12 puppys12

24-01-2018

Well, you use the equation A = P(1+rt), where p is the principal amount of money, r is the rate(decimal), t is the time and A is the final value.
So,
1000 = 500(1+.05t)
1000 = 500 + 25t
500 = 25t
t = 20

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