Question

This problem is Simple Interest. How long will it take for $6,500 to double at a simple interest rate of 7%? Round to the nearest tenth of a year.

Answer 1

First you want to do $6,500 times 7%. What do you get?

Answer 2

You would actually do $6,500 times 2 first

Answer 3

Than I would multiply that by 7%?

Answer 4

So do 6,500 times 2

Answer 5

13000 times .07, right? .07 is 7%

Answer 6

What you want to do is 6,500 times .07. Don't times .07 to 13000

Answer 7

You said times 6500 to 2, which is 13000.

Answer 8

yeah

Answer 9

Now times 6,500 by .07

Answer 10

that's 455

Answer 11

I'm sorry. that was wrong

Answer 12

Do 13,000 divided by 455

Answer 13

okay, it's 28.57, which it says round to the nearest tenth, so, it will be 28.6

Answer 14

yep

Answer 15

That's the answer?

Answer 16

its actually 10.3

Answer 17

How'd did you get that?

Answer 18

let me double check with my dad

Answer 19

Okay

Answer 20

There is a rule called the rule of 72. What you do is in this case, do 72 divided by 7. What do you get?

Answer 21

10.28

Answer 22

Correct.

Answer 23

So 10.28 is your answer

Answer 24

It's still confusing me, but thanks for the help

Answer 25

Your welcome. Look up the rule of 72. That might help you a little more. :)