10th

posted by .

what rate willl an amount double itself in 20 years at simple interest?

  • 10th -

    (1.00+x)^20 = 2 where x is the percent. If we call 1.00 + x = Y, then
    (Y)^20 = 2
    20*log(Y) = log 2
    20*log(Y) = 0.30103
    log Y = 0.30103/2 =
    Solve for y and that will tell you what 1+interest rate must be. Subtracting 1.00 will give you the interest rate. I get something like 3.5%

  • 10th -

    In 20 years you must make one times the original amount in interest.
    20 x = 1
    x = .05 or 5%

  • 10th -

    It said simple, not compound.

  • 10th -

    oops. You're right. I did compound.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. compound interest

    How do I solve these problems? Complete the table for a savings account in which interest is compounded continuously. 1. Initial Investment: $1000 Annual % Rate: 3.5% Time to Double: ?
  2. math

    Amount of an investment. The amount of an investment of P dollars for t years at simple interest rate r is given by A  P  Prt. a) Rewrite this formula by factoring out the greatest common factor on the right-hand side. b) Find A …
  3. math (SIMPLE INTEREST)

    4.the amount in an account which was opened 180 days ago is RM205. iF the account was offered a simple interest of 5 percent per annum, find the original principal. 5.how long does it take a sum of money to double itself in four years …
  4. math (SIMPLE INTEREST)

    at what rate of simple interest will a sum of money double itself in four year ?
  5. maths

    A sum of money becomes 8/5 of itself in 5 years at certain rate of simple interest. Find the rate of interest.
  6. Simple interest math

    How many years will it take to double an investment if the annual simple interest rate is 5.3%?
  7. Business Math icom 1

    Find the ordinary interest in a loan of Rs.2600 at 10 % simple interest from January 5 to February 10.?
  8. math

    At a certain rate of simple interest, Rs.4050 amounts upto Rs.4526.50 in 2 years. At the same rate of simple interest, how much would 1 lakh amount in 3 years.
  9. Math

    At what rate of simple interest will a sum of money double itself in four years
  10. math

    In how many years will RS 150 double itself at 4 persent simple interest?

More Similar Questions