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PRONTO PLS------- suppose you deposit $2500 in a savings account that pays you %5 interest per year. how many years will it take for you to double your money? how many years will it take for your account
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PRONTO PLS-------

suppose you deposit $2500 in a savings account that pays you %5 interest per year. how many years will it take for you to double your money? how many years will it take for your account to reach $8000?

User Malgo
by
7.2k points

1 Answer

5 votes

Answer:

t = 44 years

Explanation:

t = (1/r)(I/P-1)

t = (1/0.05) {(8000/2500) - 1}

t = 44

User John Paul Manoza
by
7.2k points
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