Question

A person invested \$150$150 in an account growing at a rate allowing the money to double every 13 years. How much money would be in the account after 22 years, to the nearest dollar?

Answer 1

Amount after 22 year = $484.80 (Approx.)

Explanation:

Given:

Amount deposit in bank = $150

Double in year = 13 year

Find:

Amount after 22 year

Computation:

A = P[1+r]ⁿ

Amount after 13 year = 2 x 150

Amount after 13 year = $300

300 = 150[1+r]¹³

2 = [1+r]¹³

Rate of interest = 5.477%

Amount after 22 year

A = P[1+r]ⁿ

Amount after 22 year = 150[1+5.477%]²²

Amount after 22 year = $484.80 (Approx.)