How long will it take $500 to double at a simple interest rate of 5%? explain how you found your answer. is greatly appreciated!

20 years

Step-by-step explanation:

Simple interest is only interest on the original principal amount. Every year, you earn the same interest amount.

At 5% simple interest, you earn 5% of the principal each year.

In any year, you earn

5% of $500 = 5% * 500 = 0.05 * 500 = $25

Each year, you earn $25 in interest.

How many years will it take to earn a full $500 by earning $25 per year?

$500/$25 = 20

It takes 20 years to double the $500.

i believe the answer is 323 ft

step-by-step explanation: