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26 June, 06:14

How long does it take $450 to double at simple interest rate of 14%

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  1. 26 June, 06:25
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    A = P (1+rt)

    A (Future) = 450 (2) = 900

    P (Principal) = 450

    R (Rate) = 14% =.14

    T (Time) = Unknown

    Create the equation:

    900=450 (1+.14t)

    Distribute the 450:

    900=450 + 450 (.14t)

    Multiply the 450 (.14t)

    900=450 + 63t

    Subtract the 450:

    450 = 63t

    Divide by 63:

    t=7.142857

    Answer:

    It will take 7.1 years.
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