Ellie wants to double her savings of £8000 by investing her money for 16 years.
what interest rate does
she need to look for?

She need a interest rate of 6.25%

Step-by-step explanation:

we know that

The simple interest formula is equal to

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

substitute in the formula above  and solve for r

Convert to percentage

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step-by-step explanation:

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step-by-step explanation:

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