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March 25, 2017

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how many years will it take for $4,000 to double at a simple intrest of 5%

  • Math help - ,

    the answer is 40 years. Hope this helps

  • Math help - ,

    annual interest = .05(4000) = 200
    to double, we need another $4000

    number of years = 4000/200 = 20

    it will take 20 years

    check:
    simple interest on $4000 for 20 years at 5%
    = .05(20)(4000) = 4000
    so amount = what we had + new amount
    = 4000 + 4000 = 8000 which is double what we started with

    The answer of 40 years in not correct.

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