A simple interest rate of 10 per cent per year will double a sum of money in ten years.
331/3 percent simple interest will double any amount in 3 years.
Assuming simple interest, you multiply the capital times the interest rate times the number of years.
It was eight years.
It is 6%, as 360 is earned each year.
The answer for rate in simple interest is =rate= simple interest\principle*time
A simple interest rate of 10 per cent per year will double a sum of money in ten years.
Simple interest = money invested x rate/100 x number of years
The interest rate would end up being 9% after you do all the calculations.
331/3 percent simple interest will double any amount in 3 years.
Assuming simple interest, you multiply the capital times the interest rate times the number of years.
I = prt where I = interest, p = principal, r = rate. and t = time in years.
It was eight years.
The simple interest in this case is $145,000. It is calculated by multiplying the amount by the interest rate and the length of time.
It will take 25 years for a 100 to double check if you have a simple interest of 4 percent.
At simple rate of interest, the figure will come out to 174.The formula for simple rate of interest calculations is i=prt where i equals the interest, p equals the principal, r equals the rate and t equals the time (in years).To calculate the interest for compound interest, visit the related link.
It is 6%, as 360 is earned each year.