Question

Terrance has $100 that he can invest in a savings account. His bank is willing to pay interest to his account at a rate of 0.04. How long will Terrance need to leave the money in the account if he wants to earn $100 in interest, doubling his money? Use the formula . T= I/PR



25 years

10 years

40 years

5 years

Answer 1

so first you need to put the numbers in to match the formula ya know what i mean?

Answer 2

Yes but im confused

Answer 3

what makes you confused?

Answer 4

I know the rate is 0.04 I is the amount of investment which is 100$ Thats really all I understand...probably wrong to lol

Answer 5

@JesseJ0906

Answer 6

ok does T mean time?

Answer 7

Yes.

Answer 8

ok what is P? i can't remember

Answer 9

P represents the principle or amount invested

Answer 10

ok so it'd be T=100/100*.04

Answer 11

jeez i just realized i say ok A LOT

Answer 12

So it would be 0.04?

Answer 13

no hah it is 25 because .04*100=4 amd 100/4=25

Answer 14

OK so you take .04 and times it by 100 ?

Answer 15

yep i think i just forgot to put parenthesis somewhere i tend to do that

Answer 16

and then you take 4 and divide it by 100?

Answer 17

yep

Answer 18

thanks !

Answer 19

np :)