With SIMPLE interest you add the same amount if interest each year. In total you add i= Prt for t years.
So if you want your money to double, you must accumulate $P in interest, so, i = P(0.11)t must = P
Cancel the Ps and solve 0.11 t = 1.
So t = 1/0.11 = 9.09 ... approx. A little over 9 years.
So if you want your money to double, you must accumulate $P in interest, so, i = P(0.11)t must = P
Cancel the Ps and solve 0.11 t = 1.
So t = 1/0.11 = 9.09 ... approx. A little over 9 years.
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0.11 n =1 , solve for n , number of years