We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive pseudonymised information about your use of our website. cookie policy and privacy policy.
 
+0  
 
0
301
5
avatar

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

 Dec 6, 2018
 #1
avatar
+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.

 Dec 6, 2018
 #2
avatar
+1

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
avatar
+1

[$160.67 / 8 x 12] / $2000 =12.05% - simple annual interest rate.

Guest Dec 6, 2018
 #3
avatar+18274 
+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

 Dec 6, 2018

21 Online Users

avatar