How long will 875 double itself at the rate of 8% simple interest?
so when will interest = 875 dollars?
.08*875*years=875
years= 1/.08=12.5
To find out how long 875 will take to double at a rate of 8% simple interest, we need to use the formula for simple interest:
Simple Interest = Principal × Rate × Time
In this equation, the principal is the initial amount (875), the rate is given as a percentage (8% or 0.08), and the time is what we are trying to find.
We can rearrange the formula to solve for time:
Time = Simple Interest / (Principal × Rate)
Now, we can plug in the known values:
Time = 875 × 0.08 / 875
Simplifying the equation, we get:
Time = 0.08
Therefore, 875 will double itself after 0.08 or 8/100 years.
To calculate how long it will take for a sum of money to double at a certain rate of simple interest, we can use the formula:
Time = (100 * Principal) / (Rate * Principal)
In this case, the principal amount is 875 and the rate is 8%.
Let's plug in the values into the formula:
Time = (100 * 875) / (8 * 875)
Simplifying the equation:
Time = 100 / 8
Time = 12.5 years
Therefore, it will take 12.5 years for 875 to double itself at a rate of 8% simple interest.