 oliviayychengwh

2021-12-31

By setting up and solving an appropriate algebraic equation.
How long will it take $700 to triple itself at 5% simple interest? ### Answer & Explanation Robert Pina Beginner2022-01-01Added 42 answers Step 1 Given that: $P=\mathrm{}700$ $R=5\mathrm{%}$ Step 2 By using a formula, Simple interest : $A=P+PRT=P\left(1+RT\right)$ Where, $A=\text{Future value},P=\text{Initial amount},R=\text{Interest Rate in decimal},T=\text{Time in year}$. Step 3 To find how long will it take$ 700 to triple itself at 5 % simple interest :
By using a above formula,
Here, .
To find T:
Plug the values of in the above formula,
$A=P\left(1+RT\right)$
$\mathrm{}2100=\mathrm{}700\left(1+\left(0.05\right)T\right)$
Solve for T:
$\mathrm{}3=1+0.05T$
Step 4
$\mathrm{}2=0.05T$

Therefore, 40 years it will take $700 to triple itself at 5% simple interest. William Appel Beginner2022-01-02Added 44 answers Let P be a principle amount and it is given that$700
$r=\text{rate of simple interest in decimal}=5\mathrm{%}=\frac{5}{100}=0.05$
$t=\text{time period}$
$i=\text{interest}=prt$
$A=\text{total amount}=i+p$
Have to find a time period to amount will be triple
$A=i+p$
$3p=i+p$
$i=2p=prt$
$2=rt$

The amount will be triple in after 40 years. Vasquez