Problem Solving! please I need more help!!
posted by Jeconiah .
How long will take for a $3000 savings account to double its value at simple interest rate of 10%?
just plug the numbers into the formula you know:
A = P(1+rt)
If all you want is the multiplication factro, then
A/P = (1+rt)
2 = (1+.06t)
How long will it take $4,000 to grow to $16,000 if invested at 5% compounded monthly?