Number of year for Initial investment to be double is 16 year 8 months
Given that;
Initial investment = $5,200
Interest rate = 6.5%
Find:
Number of year for Initial investment to be double
Computation:
Using simple interest formula
A = p + I
So,
2p = p + I
I = P
I = 5,200
So,
I = PRT
5,200 = (5,200)(6%)(T)
5,200 = (5,200)(0.06)(T)
5,200 = (312)(T)
T = 16.667 year
T = 16 year 8 months (Approx.)
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