Question: mework / d: Feb 22 at 6:31pm iz Instructions Question 1 Recall the following formula that we derived for use in simple interest loans. P

mework / d: Feb 22 at 6:31pm iz Instructions Question 1 Recall the following formula that we derived for use in simple interest loans. P = M 14- RT How many months would it take for the debt to double on a simple interest loan whose annual rate is 5.91%? In other words, find the doubling time. Hint: divide both sides of the equation by M and think about the ratio P/M when M is twice as big as P. Round your answer to the nearest month

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