Answer by jim_thompson5910(35256)
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You can put this solution on YOUR website!
Start with the simple interest formula.
Plug in
(Double the amount of the initial investment of $4000),
, and
(the decimal equivalent of 8%).
Multiply
and
to get
.
Subtract
from both sides.
Combine like terms.
Divide both sides by
to isolate 't'.
Divide.
Rearrange the equation.
So it will take about 12.5 years for an investment of $4000 to double to $8000 with an interest rate of 8% (using simple interest).
If you need more help, email me at jim_thompson5910@hotmail.com
Also, feel free to check out my tutoring website
Jim