Question

A person invested $880 in an account growing at a rate allowing the money to double every 6 years. How much money would be in the account after 13 years, to the nearest dollar?

Answer 1

$3,951

Explanation:

The growth factor for t years is given as 2^(t/6). Then in 13 years, the account will be multiplied by ...

2^(13/6) ≈ 4.489848

Its value will be ...

$880·4.489848 ≈ $3,951