Mathematics, 19.11.2019 23:31 arthurdolz
How long would $100,000 take to double at a simple interest rate of 8%?
Answers: 2
![\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \stackrel{double}{\$200,000}\\ P=\textit{original amount deposited}\dotfill & \$100,000\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ t=years \end{cases} \\\\\\ 200000=100000[1+(0.08)t]\implies \cfrac{200000}{100000}=1+(0.08)t \\\\\\ 2=1+(0.08)t\implies 1=0.08t\implies \cfrac{1}{0.08}=t\implies 12.5=t](/tpl/images/0382/0226/a4d69.png)
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