Question
What rate would it take to double an object valued currently at $100 in 6 years? I would like to know the answer and the equation/steps taken to solve the problem.
Answers
P=I/rt
Where P=principal(amount invested)
I=Interest(amount earned)
r=rate
t=time
So in order to fin the rate the formula can be written:
r=I/Pt
Where P=principal(amount invested)
I=Interest(amount earned)
r=rate
t=time
So in order to fin the rate the formula can be written:
r=I/Pt
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