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8 July, 00:53

How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.

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  1. 8 July, 01:30
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    It will take 12.5 years (12 years and 6 month)

    how?

    4000=2000 (1+.08t)

    4000 = 2000+2000 (.08t)

    4000=2000+160t

    2000=160t

    12.5=t
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