Raymond B. answered 10/31/22
Math, microeconomics or criminal justice
A = 3400+ .08t(3400)
A = 3400(1+.08t)
6800 = 3400(1+.08t)
2 = 1 + .08t
.08t = 1
t = 1/.08
t = 100/8
t = 12 1/2 years to double, with no compounding
Mehiret G.
asked 10/31/22Katy wants to invest $3400 in a savings account that pays 8% simple interest. How long will it take for this investment to double in value? Round your answer to the nearest tenth.
Raymond B. answered 10/31/22
Math, microeconomics or criminal justice
A = 3400+ .08t(3400)
A = 3400(1+.08t)
6800 = 3400(1+.08t)
2 = 1 + .08t
.08t = 1
t = 1/.08
t = 100/8
t = 12 1/2 years to double, with no compounding
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