Answer:
it takes approximately 11 years and 3 months (11.4 years) for Belinda's investments to double.
Step-by-step explanation:
To calculate the time it takes for Belinda's money to double, we will use the simple interest formula as shown below:
Simple interest = P × R × T
where:
P = principal = $800
R = Rate in decimal = 8.75% = 0.0875
T = time = ???
simple interest = $800 ( her money doubles)
∴ 800 = 800 × 0.0875 × t
800 = 70 × t
∴ t = 800 ÷ 70 = 11.4 years. (11 years and 3 months)
Therefore after approximately 11 years and 3 months, Belinda's investments doubles
Answer:
8.23
how long would it take belinda's $800 investment to double in value if she has a bond with a 8.75% interest rate?
