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29 May, 14:48

How many years will it take to double an investment at 11% simple interest?

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  1. 29 May, 15:03
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    10 years

    Step-by-step explanation:

    We can use the equation for simple interest: I = P (1 + (R*T)), and change some of the numbers: 2P = P (1 + (0.11*T))

    Divide: 2 = 1 + (0.11*T)

    Subtract: 1 = 0.11*T

    Divide: T = 100/11 ≈ 9.09 ⇒ 10 years (rounded up because it won't be doubled until the next year)
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