So the interest on your $5000 should amount to $5000
5000(.05)t = 5000
t = 1/.05 = 20
or,
interest for 1 year = 5000(.05)(1) = $250
Since that stays constant (simple interest),
it would take 5000/250 or 20 years
How long will it take for an investment of $5000 to double if it is invested at 5% p.a. simple interest?
Been stuck on this and need help thanks
1 answer
1 answer