Question

How long does it take $10,000 to grow to $25,000 in an account with 3% simple interest

Answer 1

i think the answer is 83.333

Answer 2

r*p*n
(.03)(10,000)*n=25000
solving for n we get 83.333

Answer 3

you have to round up.

Answer 4

the solution sheet my teacher gave me said the answer was 50...

Answer 5

It should be the case that \(r>1\)

Answer 6

What formula are you using?

Answer 7

r*p*n

Answer 8

Do you mean
\[\LARGE P=A(1+r)^n\]

Answer 9

Let \(r = 1.03\), not \(r=0.03\).

Answer 10

I have no idea how they got 50 though.

Answer 11

think it was a typo?

Answer 12

what should the answer be?

Answer 13

Okay I figured out how they did it.

Answer 14

They used: \[
(1+r\times n)\times p
\]

Answer 15

Or, to make it much more simple for you, they used: \[
I = p\times r \times n
\]But in this case, \(I = 25,000-10,000\) since \(I\) should not include initial principle.

Answer 16

http://www.wolframalpha.com/input/?i=%280.03%29*n*%2810%2C000%29%3D25000-10000

Answer 17

ive never seen that formula in my life.... -_-