The interest rate to the nearest whole percentage would you need to earn in order to turn $3,500 into $7,000 over 10 years is 10%
Simple interest and amount
The formula for calculating amount is expressed as;
Amount = Principal + Simple interest
Given the following
Amount = $7000
Principal = $3500
time =10 years
Substitute
7000 = 3500 + 3500(R)(10)
3500 = 35000R
R = 3500/35000
R = 0.1
Hence the interest rate to the nearest whole percentage would you need to earn in order to turn $3,500 into $7,000 over 10 years is 10%
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