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?

How long will it take $700 to triple itself at 5% simple interest?

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 :

$A=P+PRT=P(1+RT)$

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,$A=\mathrm{\$}700\times 3=\mathrm{\$}2100,P=\mathrm{\$}700,R=5\mathrm{\%}=0.05\text{}{\textstyle \phantom{\rule{1em}{0ex}}}\text{and}{\textstyle \phantom{\rule{1em}{0ex}}}\text{}T=?}$ .

To find T:

Plug the values of$A=\mathrm{\$}700\times 3=\mathrm{\$}2100,P=\mathrm{\$}700,R=5\mathrm{\%}=0.05\text{}{\textstyle \phantom{\rule{1em}{0ex}}}\text{and}{\textstyle \phantom{\rule{1em}{0ex}}}\text{}T=?}$ in the above formula,

$A=P(1+RT)$

$\mathrm{\$}2100=\mathrm{\$}700(1+\left(0.05\right)T)}$

Solve for T:

$\mathrm{\$}3=1+0.05T}$

Step 4

$\mathrm{\$}2=0.05T}$

$\Rightarrow T=40\text{}years$

Therefore, 40 years it will take $700 to triple itself at 5% simple interest.

Given that:

Step 2

By using a formula,

Simple interest :

Where,

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

Solve for T:

Step 4

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

Have to find a time period to amount will be triple

The amount will be triple in after 40 years.

Vasquez

Expert2022-01-08Added 669 answers

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.

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