Final answer:
To double your money with an account earning 9% simple interest per year, it would take a little over 11 years. This calculation assumes that the interest rate does not change and that there are no taxes or fees applied to the savings account.
Step-by-step explanation:
The correct answer is option Mathematics. To answer the question of how many years you need to double your money if your account earns 9% simple interest per year, you can use the formula for simple interest, which is I = PRT (Interest = Principal x Rate x Time).
To double your money, the interest earned needs to be equal to the initial principal. Assuming you deposit $3,000, you want to earn $3,000 in interest to double your initial deposit to $6,000.
The formula can be rearranged to solve for Time (T): T = I / (PR). Using the given values, T = $3,000 / ($3,000 x 0.09), which simplifies to T = 1 / 0.09. Calculating this gives you T = 11.11. Therefore, it would take a little over 11 years to double your money at a 9% simple interest rate per year.
Note that this scenario does not account for any taxes or fees that might be applied to the account, and it assumes the interest rate remains constant over time.
The correct answer is option B. In order to double your money with 9% simple interest, we can use the formula:
Double Worth = Principal + (Principal * Interest Rate * Time)
Since we want to double the principal, the double worth will be $6,000. Plugging in the values, we get:
$6,000 = $3,000 + ($3,000 * 0.09 * Time)
Simplifying, we have:
0.09 * Time = 1
Time = 1 / 0.09
Time = 11.11 years