How many years will it take for $2000 to double at a simple intrest rate of 8%

Guest Dec 6, 2018

#1**+1 **

Well, you need to make $2,000 in simple interest.

$2,000 x 8% = $160 simple interest earned in 1 year.

$2,000 / $160 =12.5 years to double your $2,000.

Guest Dec 6, 2018

#2**+1 **

I need help!! Plssss !!

I=$160.67, P=$2000, t=8months

what is the annual rate?

I am so confused! Plss help

Guest Dec 6, 2018

#3**+2 **

2000 x I x t = 2000

2000 x .08 x t = 2000

t = 2000 / (2000x.08) = 12.5 years

2000 x 8months/12months/yr x i = 160.67

2000(2/3) x i = 160.67

i = 160.67 / (2000 * 2/3) = .1205 = 12.05 % annual simple interest

ElectricPavlov
Dec 6, 2018