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 .

Answer 1

Ok so what formula is supposed to be used for this?

Answer 2

using formulas to solve problems

Answer 3

Ah ok.

Answer 4

Ok so far do you have any work that you've started?

Answer 5

If you do 100 times 0.04, you would get 4 because 4% of 100 is 4.

Answer 6

Does this help even a little?

Answer 7

ok
ya

Answer 8

Ok.

Answer 9

is it 40

Answer 10

times 4 by ten

Answer 11

I was kind of thinking if you multiplied 4 by 25 you'd get 100, so Terrence would have to leave money in his account for 25 years, but if that's wrong then someone could correct me

Answer 12

no i think its right

Answer 13

Do you have the formula that it stated?

Answer 14

25 is correct, but there is a much simpler way to get there. We should have plugged everything into the interest formula

SI = P x R x T

P = Principle
R = Rate
T = Time

100 = 100 (0.04t)

Then solve for t to get your answer.

Answer 15

Ok Sammi :>

Answer 16

I assumed it was SI=PRT yeah