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10 August, 09:40

How many years will it take for 20$ to grow to 100 if the simple interest rate is 4% annually

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  1. 10 August, 13:24
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    The formula for simple interest is:

    Total = Principal (1 + Rate x time)

    You are given:

    Total = $100

    Principal = $20

    Rate = 4%

    You are asked to find the time.

    Replace everything known in the formula:

    100 = 20 (1 + 0.04 x Time)

    Now solve for Time:

    Divide each side by 20:

    5 = 1 + 0.04 x Time

    Subtract 1 from each side:

    4 = 0.04 x time

    Divide each side by 0.04:

    Time = 4 / 0.04

    Time = 100 years.
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