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

Guest Dec 6, 2018
 #1
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+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
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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
 #4
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[$160.67 / 8 x 12] / $2000 =12.05% - simple annual interest rate.

Guest Dec 6, 2018
 #3
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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

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