How many years will it take for $2000 to double at a simple interest rate of 8%? Explain how you found your answer.

Answer 1

just find t such that 1.08^t = 2
The starting amount does not matter.
Just FYI, read up on "The Rule of 72."

Answer 2

It said, at a simple interest of 8%.
So you are generating $2000 interest in order to double your investment

I = PRT
2000 = 2000(.08)t
t = 12.5
Notice that this differs quite a bit from the answer oobleck obtains using
compound interest.
The "rule of 72" applies to compound interest.

Answer 3

sorry. my bad. Way to watch, Reiny.