(a) At a simple interest rate of 12% per year, determine how long it will take $5000 to increase to twice as much. (b) Compare the time it will take to double if the rate is 20% per year simple interest.
What will be an ideal response?
(a) F = P + Pni
10,000 = 5000 + 5000(n)(0.12)
5000 = 600n
n = 8.33 years
(b) 10,000 = 5000 + 5000(n)(0.20)
n = 5 years
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