Randy had $2000 he wants to double in 2 years. What is the approximate rate he will need??
Assuming simple interest.
P = Po + Po*r*t = 4000.
2000 + 2000*r*2 = 4000.
r = APR expressed as a decimal.
P = Po + Po*r*t = 4000.
2000 + 2000*r*2 = 4000.
r = APR expressed as a decimal.