Interest Problem Help?

[Hanajima]

Solve the problem by setting up and solving an appropriate algebraic equation.

How long will it take $500 to double itself at 7% simple interest?

Work:

500 = (500) (0.07) (t)

Divide both sides by 500 to get:
1=0.07t

Then multiply by 100 to clear decimals:
100=7t

I then divided 100 by 7 to get "t"
which was 14.2857143

My problem is how do you convert that into terms of years and such?
I know as a fraction it would be 142857143/100000000

 

[Mrspi]

Solve the problem by setting up and solving an appropriate algebraic equation.

How long will it take $500 to double itself at 7% simple interest?

Work:

500 = (500) (0.07) (t)

Divide both sides by 500 to get:
1=0.07t

Then multiply by 100 to clear decimals:
100=7t

I then divided 100 by 7 to get "t"
which was 14.2857143

My problem is how do you convert that into terms of years and such?
I know as a fraction it would be 142857143/100000000

Everything you have done looks fine.

you have
t = 14.2857143

t is the number of years, right?

I'm guessing you could ROUND the value of t to three decimal places.....

t = 14. 286

t = 14 + (286/1000) years

t = 14.286 years
or 14 years 104.4 days

 

[Hanajima]

Thanks!
I was think of that too and I answered that, but the online program I use to submit my homework marked it wrong
They wanted 100/7 years, which kinda doesn't make sense...
Regardless, thank you for all the help you've been giving me tonight!

 

[Denis]

500/35 = 100/7
Leaving answer as reduced fraction is USUALLY what is expected (unless otherwise specified)