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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asked Nov 16, 2021 101k views

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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?

Mathematics
high-school

Malgo asked

by Malgo

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5 votes

Answer:

t = 44 years

Explanation:

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

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

t = 44

John Paul Manoza answered Nov 22, 2021

by John Paul Manoza

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