Question

A person invested $7,300 in an account growing at a rate allowing the money to

double every 14 years. How much money would be in the account after 15 years, to
the nearest dollar?

Answer 1

Explanation:

If you deposit $7300 into an account paying 100% annual interest compounded yearly , how much money will be in the account after 15 years?

Result:

The amount is $239206400.

Explanation:

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

Answer 2

15341

Explanation:

\text{Doubling Formula:}

Doubling Formula:

y=a(2)^{\frac{t}{d}}

y=a(2)

d

t

​

a=7300\hspace{40px}d=14\hspace{40px}t=15

a=7300d=14t=15

d is the doubling time

\text{Plug in:}

Plug in:

y=7300(2)^{\frac{15}{14}}

y=7300(2)

14

15

​

y=15341.0469243

y=15341.0469243