23.1k views
4 votes
The first time Account # 1: was 1 year

account number # 2: was 10 years

Now just double it. Need help asap, thank you!!

The first time Account # 1: was 1 year account number # 2: was 10 years Now just-example-1
User RedInk
by
9.1k points

1 Answer

4 votes
The time it takes for each investment account to double again depends on the rate of growth for each account.

For investment account 1, the balance doubles every year, so to find the time it takes to double again, we would need to solve for the time when the balance becomes $400 (double the starting balance of $200).

For investment account 2, the balance increases by $100 each year, so to find the time it takes to double again, we would need to solve for the time when the balance becomes $2,000 (double the starting balance of $1,000).
User Walter Monecke
by
7.7k points

Related questions

1 answer
4 votes
123k views
asked Sep 14, 2024 116k views
Simon Franzen asked Sep 14, 2024
by Simon Franzen
8.1k points
1 answer
2 votes
116k views
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.