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a) At a simple interest rate of 12% per year, determine how long it will take $5000 to increase to twice as much. (b) Compare

a) At a simple interest rate of 12% per year, determine how long it will take $5000 to increase to twice as much. (b) Compare the time it will take to double if the rate is 20% per year simple interest.

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a. 8.40 years, 6 years b.8.36 years, 6 years c. 7.33 years, 8 years d. 8.33 years, 5 years

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