aliyahmuhammad2987 aliyahmuhammad2987
  • 02-04-2021
  • Engineering
contestada

You deposit $5,000 in a savings account that earns 8% simple interest per year. What is the minimum number of years you must wait to double your balance?

Respuesta :

podgorica podgorica
  • 08-04-2021

Answer:

It will take 12.5 years double  the balance

Explanation:

As we know

A = P (1 + rt)

where A is the amount

P is the principal sum of money deposited

r is the rate of interest (per annum)

t is the time in years

Substituting the given values we get -

2P = P ( 1+ 0.08 * t)

2 = 1+ 0.08 * t

1 = 0.08 * t

t =

[tex]\frac{1}{0.08} \\\frac{100}{8} \\12.5[/tex] years

Answer Link

Otras preguntas

Simplify (7-5i)(-3+9i)-(5+6i)^2
when we look at a leaf, we see the colors of light that are reflected off its surface. how does the relatively low flow of oxygen in green light?
Graph the line using intercepts: 4x-3y=12
How did the depression affect women and children?
Fragment in this sentenceWith her heavy dictonary, Donna thumps the top other ancient computer monitor.  Whenever the color tint flickers from normal to sickly
What culture believes health is harmony between man and nature?
Which of the following is formed at a collision zone?Continental rift valleyVolcanic island chainMountain rangeDeep-ocean trench
What's a good slogan for a dietitian (have dietitian in it) ?
What is a group of organisms that look alike and can reproduce among their selfs ?
There is an inverse relationship between x and y. If y is when x is 3, what is x when y is 9? 3 5