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.