Question

PLEASE HELP

Bobby invests $2500 and wants it to grow to $5000, what interest rate will double your money in 5 years? (round to nearest tenth - one decimal space)

Answer 1

14.9 %

Explanation:

2 = double

2 = ( 1+ i)^5 i = interest in decimal 5 = years

i = .149 = 14.9 %