Problema Solution
in how many years will $600 double itself at 10% simple interest
Answer provided by our tutors
let
P = $600 the principal
r = 0.10 or 10% simple interest
t = the number of years
A = 2P the future value
A = P(1 + r*t)
P(1 + rt) = 2P
(1 + rt) = 2
(1 + 0.10t) = 2
by solving we find:
t = 10 years
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the 10 years the principal will double itself.