Answer fast: how much longer will it take to double your money at 3% simple interest, compared to 3% compound interest? show all work

It will take 9.33 years longer with simple interest than compound interest.

Step-by-step explanation:

Let the amount for investment be $1000.

Formula for simple interest :

A = P( 1+ rt )

A = 1000( 1 + 0.03 × 1 )

A = 1000 ( 1.03) = 1030

In one year the interest will be $30.00 for $1,000.

To double your money it will take years = 1000 ÷ 30 = 33.33 years

To calculate how much time it will take to double your money at 3% compound interest, we will use rule of 72.

Formula for Rule of 72  =  

So we put the values : = 24 years

It will take 24 years with 3% of compound interest and 33.33 years with 3% of simple interest.

24 - 33.33 = 9.33 years longer with simple interest.

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