Emily invests $5,000 in an account that pays 4% simple interest. About how many years will it take for the account to

Question

Emily invests $5,000 in an
account that pays 4% simple
interest. About how many years
will it take for the account to
double at this interest rate?

in progress 0
King 4 years 2021-07-22T05:39:35+00:00 2 Answers 19 views 0

Answers ( )

  1. kiet
    0
    2021-07-22T05:41:03+00:00
    Reply

    Answer:

    50 years

    Step-by-step explanation:

  2. MichaelMet
    0
    2021-07-22T05:41:03+00:00
    Reply

    Answer:

    50 years

    Step-by-step explanation:

    use the simple interest formula :

    PRT/100

    P is the principle (5000)

    R is the rate of interest (4)

    T is the time taken (x- unknown)

    the amount at the end is double the amount invested  = 5000*2 = 10000

    (5000*4 * x )/100 = 10000

    20000x/100=10000

    20000x = 100*10000

    20000x = 1 000 000

    x= 1 000 000/ 20 000

    x = 50

    it will take 50 years

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