Question

PLEASE HELP: A person invested $3,500 in an account growing at a rate allowing the money todouble every 15 years. How long, to the nearest tenth of a year would it take for thevalue of the account to reach $7,700?

Answer 1

The person Invested $3,500

The growing rate double every 15 years

I = P x R x T / 100

Where I = interest

P = principal

R = rate

T = time

Firstly, we need to find our growing rate every year

Let the growing rate be x