1. **State the problem:**
Mr Adams invested 5000 and received 5810 after 3 years with simple interest. We need to find how long it will take for the investment to double (i.e., reach 10000) at the same interest rate.
2. **Formula for simple interest:**
$$A = P(1 + rt)$$
where $A$ is the amount after time $t$, $P$ is the principal, $r$ is the annual interest rate, and $t$ is the time in years.
3. **Find the interest rate $r$ using the given data:**
Given $P=5000$, $A=5810$, and $t=3$, substitute into the formula:
$$5810 = 5000(1 + 3r)$$
4. **Solve for $r$:**
$$\frac{5810}{5000} = 1 + 3r$$
$$1.162 = 1 + 3r$$
$$3r = 1.162 - 1 = 0.162$$
$$r = \frac{0.162}{3} = 0.054$$
5. **Find time $t$ to double the investment:**
We want $A = 2P = 10000$, so:
$$10000 = 5000(1 + 0.054t)$$
6. **Solve for $t$:**
$$\frac{10000}{5000} = 1 + 0.054t$$
$$2 = 1 + 0.054t$$
$$0.054t = 2 - 1 = 1$$
$$t = \frac{1}{0.054} \approx 18.52$$
**Final answer:**
It will take approximately 18.52 years for Mr Adams' investment to double at the same interest rate.
Simple Interest Time E78099
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