How many years will it take for $2000 to double at a simple annual interest rate of 8%

Consider the provided information.

The amount invested is 2000.

Double the amount means: 2000×2 = 4000

We had invested only 2000 and we are getting 4000. That means simple interest is 2000.

Now use the simple interest formula:

Where, S is the simple interest, P is the principal amount, R is the rate and t is the time.

Substitute the respective values in the above formula.

Hence, it would take 12.5 years to double the amount.

answer: since the question is talking about growth you have to use the growth formula which is inital amount (1 + growth)^time

step-by-step explanation:

the intial amount is 1200, the growth is 4.8, and the time is 7. plug those numbers into the equation, also i think you have to change 4.8 into a percent. but, i have forgotton how to do that. if this is a online class go on to the lesson.