Answer: 20 years
Step-by-step explanation:
Principal = $2000
Rate = 5%
Interest = $2000
Time = Unknown
Since we want to know the time it will take his money to double, that means he'll have an interest of $2000.
Interest= PRT/100
2000 = (2000 × 5 × T)/100
2000 = 10000T/100
Cross multiply
2000 × 100 = 10000T
200,000 = 10000T
T = 200,000/10,000
Time = 20 years
