Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
In how many years will money double itself at 5% simple interest per year?
- 20 years
- 40 years
- 14.4 years
- 22 years
Answer
A. 20 years
Solution
Interest must equal 1 × principal: 1 = rt → t = 1/0.05 = 20 years.
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