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Hint: To solve the problem, we should know the definition of annual simple interest. We have, Complete step-by-step answer: Note: While solving questions related to principal interest, it is important to keep in mind that simple interest calculated from the formula, Simple Interest (I) = $\dfrac{P\times R\times t}{100}$ , doesn’t represent the total amount of money. In fact, the total amount is the sum of Principal amount (P) and simple interest. Thus, in this case, when money was doubled, the total amount was 2P and simple interest was P. Engineering Economics Nội dung chính Show
Answer: Option C. Explanation: No answer description available for this question. Leave a ReplyYour email address will not be published. Comment Name Website Save my name, email, and website in this browser for the next time I comment. Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below. Recommended textbooks for you ENGR.ECONOMIC ANALYSIS ISBN:9780190931919 Author:NEWNAN Publisher:Oxford University Press Principles of Economics (12th Edition) ISBN:9780134078779 Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Publisher:PEARSON Engineering Economy (17th Edition) ISBN:9780134870069 Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Publisher:PEARSON Principles of Economics (MindTap Course List) ISBN:9781305585126 Author:N. Gregory Mankiw Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach ISBN:9781337106665 Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... ISBN:9781259290619 Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education ENGR.ECONOMIC ANALYSIS ISBN:9780190931919 Author:NEWNAN Publisher:Oxford University Press Principles of Economics (12th Edition) ISBN:9780134078779 Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Publisher:PEARSON Engineering Economy (17th Edition) ISBN:9780134870069 Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Publisher:PEARSON Principles of Economics (MindTap Course List) ISBN:9781305585126 Author:N. Gregory Mankiw Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach ISBN:9781337106665 Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... ISBN:9781259290619 Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education How long will it take money to double itself at 5% compounded annually?The expression for the compound interest amount. Substitute the known values. Thus, it will take 14.20 year. How long will it take money to double itself if invested at 5% compounded quarterly?Answer and Explanation: Substitute the known values. Thus, it will take 14.20 year. How long will it take money to double itself if invested at 10% compounded annually?A 10% interest rate will double your investment in about 7 years (72 ∕ 10 = 7.2); an amount invested at a 12% interest rate will double in about 6 years (72 ∕ 12 = 6). Using the Rule of 72, you can easily determine how long it will take to double your money. How long will it take money to triple itself if invested at 5% simple interest?1 Expert Answer It will take 22.52 years to triple the investment at interest rate of 5%. How long will it take money to double itself if invested at 6% compounded annually?To use the Rule of 72 in order to determine the approximate length of time it will take for your money to double, simply divide 72 by the annual interest rate. For example, if the interest rate earned is 6%, it will take 12 years (72 divided by 6) for your money to double.
How long will it take money to double itself if invested at 8% compounded annually?For example, if an investment scheme promises an 8% annual compounded rate of return, it will take approximately nine years (72 / 8 = 9) to double the invested money.
How long does it take money to double itself if invested at 5% compounded annually?According to the Rule of 72, it would take about 14.4 years to double your money at 5% per year.
How long will it take money to double itself if invested at 10% compounded annually?How the Rule of 72 Works. For example, the Rule of 72 states that $1 invested at an annual fixed interest rate of 10% would take 7.2 years ((72/10) = 7.2) to grow to $2. In reality, a 10% investment will take 7.3 years to double ((1.107.3 = 2). The Rule of 72 is reasonably accurate for low rates of return.
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How long will it take money to double itself if invested at 7% compounded annually?
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