no time given for the first part.
2nd part:
500(1.04)^n = 1000
1.04^n = 2
take log of both sides
n log 1.04 = log 2
n = log2/log1.04 = 17.67 years
or n = 17.7 years correct to one decimal
Bryan invests $500 in an account earning 4% interest that compounds annually. If he makes no additional deposits or withdraws, how much will be in the account:
About how long would it take to double his $500 investment? Round to one decimal place.
1 answer