Question

Find the "Initial investment" and "Time to double".Annual % rate is 8% and amount after 10 years is $20000.​

Answer 1

Answer:

Simple interest = principle * time * rate/100

Interest = 20000 * 10 * 8 / 100 = 16000

nterest = 20000 * 10 * 8 / 100 = 16000therefore amount after 10 years = 20k + 16 k = 36K

Answer 2

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Simple interest = principle * time * rate/100

Interest = 20000 * 10 * 8 / 100 = 16000

nterest = 20000 * 10 * 8 / 100 = 16000therefore amount after 10 years = 20k + 16 k = 36K