By setting up and solving an appropriate algebraic equation. How long will it take $700 to triple itself at 5% simple interest?

Question

By setting up and solving an appropriate algebraic equation.   How long will it take $700 to triple itself at 5% simple interest?

Robert Pina · Accepted Answer

Step 1  Given that:  P=$700  R=5%  Step 2  By using a formula,  Simple interest :  A=P+PRT=P(1+RT)  Where, A=Future value,P=Initial amount,R=Interest Rate in decimal,T=Time  in year.  Step 3  To find how long will it take $ 700 to triple itself at 5 % simple interest :  By using a above formula,  Here, A=$700×3=$2100,P=$700,R=5%=0.05 and T=?.  To find T:  Plug the values of A=$700×3=$2100,P=$700,R=5%=0.05 and T=? in the above formula,  A=P(1+RT)  $2100=$700(1+(0.05)T)  Solve for T:  $3=1+0.05T  Step 4  $2=0.05T  ⇒T=40 years   Therefore, 40 years  it will take $700 to triple itself at 5% simple interest.

William Appel · Accepted Answer

Let P be a principle amount and it is given that $700 r=rate of simple interest in decimal=5%=5100=0.05 t=time period i=interest=prt A=total amount=i+p Have to find a time period to amount will be triple A=i+p 3p=i+p i=2p=prt 2=rt t=2r=20.05=5×1005=40 years The amount will be triple in after 40 years.

Vasquez · Accepted Answer

It is given that principle amount is p. The rate of simple interest is r=5% Let t be a time for amount be a triple. Based on the problem statement, we know that we can use the formula A=P+Prt. From the problem, we can develop the equation as such. A=P+Prt  3P=P+P(0.05)t Solving for the time yields: 3P=P+P(0.05)t 2P=0.05Pt 2=0.05t t=40 Thus, it will take 40 years to triple, no matter the initial amount.

By setting up and solving an appropriate algebraic equation. How

Answered question

Answer & Explanation

New Questions in Algebra I