meredith48034
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Edward opens up a savings account with $250. The bank gives him an interest rate of 2.8% per year (simple interest). About long will it take for Edward to double his money?
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Equation:________________

Answer:_________________​

Answer :

mhanifa

Step-by-step explanation:

The interest I per t years is 2.8% of invested amount P

  • I = Prt

Let the interest amount is same as invested amount, then our equation is

  • P = Prt or
  • 1 = rt or
  • 1 = 0.028t           2.8% converted to 0.0028

Find the value of t

  • t = 1/0.028
  • t = 35.71 or roughly 36 years
semsee45

Answer:

Equation:  250(1 + 0.028t) = 500

Answer:  36 years

Step-by-step explanation:

Simple interest formula

A = P(1 + rt)

where:

  • A = final amount
  • P = principal
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • A = double $250 = $500
  • P = $250
  • r = 2.8% = 0.028

Substitute given values into the formula and solve for t:

250(1 + 0.028t) = 500

⇒ 250 +7t = 500

⇒ 7t = 250

⇒ t = 250/7

⇒ t = 35.71428571...

So it will take approximately 36 years for Edward to double his money.

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