Problema Solution
in how many years will $600 double itself at 10% simple interest?
Answer provided by our tutors
P = $600 the principal
r = 0.10 or 10% the annual rate
t = years
A = 2P = 1200 the future value since the $600 will double itself
A = P(1 + r*t)
2P = P(1 + r*t)
1200 = 600(1 + 0.1*t)
600(1 + 0.1*t) = 1200 divide both sides by 600
1 + 0.1*t = 2
by solving we find
t = 10 years
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in 10 years $600 will double itself at 10% simple interest.