Mathematics
: asked on Laylahlettiere

05.04.2021

money in his account to double?

1

24.06.2023, solved by verified expert

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3 students found this answer helpful

It will take 30.48 for the money in his account to double.

Step-by-step explanation:

Interest compounded anually:

With an investment of P, the amount compounded annualy after t years that you will have is given by:

In which r is the interest rate, as a decimal.

Ren sets aside $1,000 into an online savings account with an annual interest rate of 2.3%

How long will it take for the money in his account to double?

This is t for which A(t) = 1000*2 = 2000. So

It will take 30.48 for the money in his account to double.

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