simple interest question

Mathematics
Tutor: None Selected Time limit: 1 Day

A banker tell you he has a simple interest CD that will double your money in 14 years. If you invest $10,000; find the following

a.      How much should you have at the end of the 14 years?

b.   What is the annual interest rate for this CD?

c. how much time would be required to triple your money?

Jun 1st, 2015

p[ 1+r]^14

10000^14

140000

annual interst rate

r=1/t  [A/P-1

1/14[140000/10000-1]

0.072[14-1]

0.072[13]

0.93

to triple the amount then a saving of 15000 will be appropriare

Jun 1st, 2015

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