PLEASE HELP Bobby invests $2500 and wants it to grow to $5000, what interest rate will double your money in 5 years? (round to nearest tenth - one decimal space)

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Sharuk Ahmed asked Oct 21, 2023

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44 votes

PLEASE HELP

Bobby invests $2500 and wants it to grow to $5000, what interest rate will double your money in 5 years? (round to nearest tenth - one decimal space)

Mathematics
college

Sharuk Ahmed asked Oct 21, 2023

by Sharuk Ahmed

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1 Answer

18 votes

Answer:

14.9 %

Explanation:

2 = double

2 = ( 1+ i)^5 i = interest in decimal 5 = years

i = .149 = 14.9 %

Akendo answered Oct 27, 2023

by Akendo

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