Asked by jane
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.
About how long would it take to double his $500 investment? Round to one decimal place.
Answers
Answered by
Reiny
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
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
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