How many years will it take for $2000 to double at a simple intrest rate of 8%
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.
I need help!! Plssss !!
I=$160.67, P=$2000, t=8months
what is the annual rate?
I am so confused! Plss help
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