## 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

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## Answers ( )

Answer:r=20%

Step-by-step explanation:we know that

The simple interest formula is equal to

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

substitute in the formula above

solve for r