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Jon has $5.000 to invest in a savings account that has interest compounded annually. If he want his money to double in eight years, what percent must the interest rate be o the account?
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Jon has $5.000 to invest in a savings account that has interest compounded annually. If he want his money to double in eight years, what percent must the interest rate be o the account?

User Krishnan Sundaram
by
5.6k points

2 Answers

2 votes

Answer:

9.05

Explanation:

Edge 2021

User Vecchiasignora
by
5.2k points
3 votes
12.5%
$5,000*12.5%=$625
$625*8=500

User Will Ray
by
5.6k points
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