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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