Answered

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How long will it take $500 to double at a simple interest rate of 5%? Explain how you found your
answer.

Sagot :

anon0410

Answer:

20

Step-by-step explanation:

Use A=P(1+rt). First, A would be the final value. P would be the principal amount, r is the rate, and t would be the time. So to solve this:

1000= 500(1+.05t)

1000= 500 + 25t

500 = 25t

t = 20

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