SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (2024)

Question 352502: how long will it take 4000$ to double itself if it is invested at 8% simple interest?
Answer by jim_thompson5910(35256)SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (1)SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (2)SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (3) (Show Source):

You can put this solution on YOUR website!

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (4) Start with the simple interest formula.

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (5) Plug in SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (6) (Double the amount of the initial investment of $4000), SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (7), and SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (8) (the decimal equivalent of 8%).

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (9) Multiply SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (10) and SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (11) to get SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (12).

See Also
How Long to Double Your Money? Use the Rule of 72.Double Time Definition and Formula with Solved Examples

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (13) Subtract SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (14) from both sides.

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (15) Combine like terms.

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (16) Divide both sides by SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (17) to isolate 't'.

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (18) Divide.

SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (19) Rearrange the equation.

So it will take about 12.5 years for an investment of $4000 to double to $8000 with an interest rate of 8% (using simple interest).

If you need more help, email me at jim_thompson5910@hotmail.com

Also, feel free to check out my tutoring website

Jim


SOLUTION: how long will it take 4000$ to double itself if it is invested at 8% simple interest? (2024)

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