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Katy wants to invest $3000 in a savings account that pays 7.9% simple interest. How long will it takefor this investment to double in value? Round your answer to the nearest tenth.Answer: xyears

Respuesta :

ANSWER

[tex]12.7[/tex]

EXPLANATION

Given;

[tex]\begin{gathered} P=3000 \\ r=\frac{7.9}{100}=0.079 \\ \end{gathered}[/tex]

Hence, amount using simple interest;

[tex]\begin{gathered} A=P(1+RT) \\ A=2P \\ \end{gathered}[/tex]

Hence, substitute the values;

[tex]\begin{gathered} 2P=P(1+RT) \\ 2=1+0.079T \\ 0.079T=2-1 \\ T=\frac{1}{0.079} \\ =12.65 \end{gathered}[/tex]