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

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

Dec 6, 2018

### 4+0 Answers

#1
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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.

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

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
+18274
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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

Dec 6, 2018