How long does it take $450 to double at simple interest rate of 14%

Question

Mathematics

Camila

13 February, 08:43

How long does it take $450 to double at simple interest rate of 14%

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Answers (1)

Know the Answer?

Hailey Young · Answer 1

A = P (1+rt)

A (Future) = 450 (2) = 900

P (Principal) = 450

R (Rate) = 14% =.14

T (Time) = Unknown

Create the equation:

900=450 (1+.14t)

Distribute the 450:

900=450 + 450 (.14t)

Multiply the 450 (.14t)

900=450 + 63t

Subtract the 450:

450 = 63t

Divide by 63:

t=7.142857

Answer:

It will take 7.1 years.