# Problem Solving! please I need more help!!

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How long will take for a \$3000 savings account to double its value at simple interest rate of 10%?

• Problem Solving! please I need more help!! -

just plug the numbers into the formula you know:

A = P(1+rt)
If all you want is the multiplication factro, then
A/P = (1+rt)
so,
2 = (1+.06t)

• Problem Solving! please I need more help!! -

How long will it take \$4,000 to grow to \$16,000 if invested at 5% compounded monthly?

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