Answered

Get the most out of your questions with IDNLearn.com's extensive resources. Our platform offers detailed and accurate responses from experts, helping you navigate any topic with confidence.

How long will it take $500 to double at a simple interest rate of 5%? Explain how you found your
answer.

Sagot :

Anon0410idn

Answer:

20

Step-by-step explanation:

Use A=P(1+rt). First, A would be the final value. P would be the principal amount, r is the rate, and t would be the time. So to solve this:

1000= 500(1+.05t)

1000= 500 + 25t

500 = 25t

t = 20

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. Your questions deserve precise answers. Thank you for visiting IDNLearn.com, and see you again soon for more helpful information.