How long does it take for a sum of money to double itself at a simple interest rate if 5% per annum? O 20 years О 15 years О з0уеars О 25 years

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 1C
icon
Related questions
Question
How long does it take for a sum of money to double itself at a simple interest rate if 5% per annum?
O 20 years
O 15 years
О з0 уеears
O 25 years
Transcribed Image Text:How long does it take for a sum of money to double itself at a simple interest rate if 5% per annum? O 20 years O 15 years О з0 уеears O 25 years
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College