Answered

Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

The time, in years, that it takes an amount of money to double when invested at a simple interest rate can be approximated by dividing 0.72 by the interest rate expressed as a decimal. Approximately how many years would it take an investment of $1000 to be worth $2000 if the money were invested at a simple interest rate of 4%?

The Time In Years That It Takes An Amount Of Money To Double When Invested At A Simple Interest Rate Can Be Approximated By Dividing 072 By The Interest Rate Ex class=

Sagot :

11)

The number of years for the investment to double = 0.72/interest

From the information given,

interest = 4% = 4/100 = 0.04

Therefore,

number of years for the investment to double = 0.72/0.04 = 18

Option 5 is correct

Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.