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October 24, 2014

October 24, 2014

Posted by **josiah** on Wednesday, February 20, 2013 at 10:27pm.

- Math help -
**lisa**, Wednesday, February 20, 2013 at 10:43pmthe answer is 40 years. Hope this helps

- Math help -
**Reiny**, Wednesday, February 20, 2013 at 10:49pmannual 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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