Answered

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Michelle wants to make a long-term investment. She wants to triple an initial investment of
$2,000. If she invests at a simple interest rate of 12% per year, approximately how long will it
take her principal to triple?

Sagot :

Answer:

It will take approximately 17 years

Step-by-step explanation:

Let the initial investment be x

The investment plus the principal yields 3x

The interest is thus 3x-x = 2x

Formula for simple interest is;

I = PRT/100

R is rate = 12%

T is time = ?

x =$2,000 which is the principal

2x = x * 12 * T/100

2 = 12t/100

12t = 200

t = 200/12

t = 16.67 which is approximately 17 years

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