Antonio wants to invest $7600 in a saving account. Determine the interest rate (simple interest) required for Antonio’s investment to double in value in 12 years.

Solution:

Given that,

Antonio wants to invest $7600 in a saving account

Antonio’s investment to double in value in 12 years

To find: Rate of interest

The total amount using simple interest is given as:

Where,

p is the principal

r is the rate of interest

t is the number of years

From given,

p = 7600

t = 12 years

r = ?

Antonio’s investment to double

Therefore,

A = 2(7600) = 15200

Substituting the values we get,

Thus interest rate required for Antonio’s investment to double in value in 12 years is 8.3 % per annum

michael scott & dwight schrute

step-by-step explanation:

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