The Garzas plan to invest $2,000 for 5 years. What annual simple interest rate must the investment earn in order for the Garzas to double th

Question

The Garzas plan to invest $2,000 for 5 years. What annual simple interest rate must the investment earn in order for the Garzas to double their money?

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Athena 2 weeks 2022-01-12T19:27:59+00:00 1 Answer 0 views 0

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    2022-01-12T19:29:34+00:00

    Answer:

    r=20%

    Step-by-step explanation:

    we know that

    The simple interest formula is equal to

    A=P(1+rt)

    where

    A is the Final Investment Value

    P is the Principal amount of money to be invested

    r is the rate of interest  

    t is Number of Time Periods

    in this problem we have

    t=5\ years\\ P=\$2,000\\ A=\$4,000\\r=?

    substitute in the formula above

    4,000=2,000(1+5r)

    solve for r

    2=(1+5r)

    5r=2-1\\5r=1\\r=\frac{1}{5}=0.20=20\%

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45:7+7-4:2-5:5*4+35:2 =? ( )