Based on the amount and the time for it to be doubled, the relevant simple interest rate would be 12.5%.
For $15,000 to double in 8 years, the amount that needs to be made per year is:
= Total amount / Number of years to double
= 15,000 / 8
= $1,875
The simple interest rate is:
= Interest in dollar terms / Amount to be doubled x 100%
= 1,875 / 15,000 x 100%
= 0.125 x 100%
= 12.5%
In conclusion, the simple interest rate needed is 12.5%
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