Rosa wants to invest \( \$ 4400 \) in a savings account that pays \( 7.1 \% \) simple interest. How long will it take for this investment to double in value? Round your answer to the nearest tenth.
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To find out how long it will take for Rosa's investment to double in value with simple interest, we can use the simple interest formula: \[ A = P(1 + rt) \] where: - \( A \) is the total amount of money accumulated after time \( t \), - \( P \) is the principal amount (initial investment), - \( r \) is the rate of interest (in decimal), and - \( t \) is the time in years. Since Rosa wants to double her investment of \( \$ 4400 \), the total amount \( A \) will be \( \$ 8800 \). The interest rate \( r \) is \( 7.1\% \) or \( 0.071 \) in decimal. Setting up the equation: \[ 8800 = 4400(1 + 0.071t) \] Dividing both sides by \( 4400 \): \[ 2 = 1 + 0.071t \] Subtracting \( 1 \) from both sides gives: \[ 1 = 0.071t \] Now, solving for \( t \): \[ t = \frac{1}{0.071} \approx 14.0845 \] Rounding to the nearest tenth, it will take approximately \( 14.1 \) years for Rosa's investment to double in value.