By setting up and solving an appropriate algebraic equation. How



Answered question


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

Robert Pina

Beginner2022-01-01Added 42 answers

Step 1
Given that:
Step 2
By using a formula,
Simple interest :
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,
Solve for T:
Step 4
T=40 years
Therefore, 40 years it will take $700 to triple itself at 5% simple interest.
William Appel

William Appel

Beginner2022-01-02Added 44 answers

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
A=total amount=i+p
Have to find a time period to amount will be triple
t=2r=20.05=5×1005=40 years
The amount will be triple in after 40 years.



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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