Kimberly borrows 1000 dollars from Lucy,who charged interest of 5% per month ( which compounds monthly). What is the least integer number of months after which Kimberly will owe more than twice as much as she borrowed?
The correct answer is 15
To find the least integer number of months after which Kimberly will owe more than twice as much as she borrowed, we need to calculate the amount owed after each month and select the number of months where the owed amount exceeds twice the borrowed amount.
First, let's calculate the interest accrued and the total amount owed after each month.
1. After the first month:
Interest accrued: 1000 * 5/100 = 50
Total amount owed: 1000 + 50 = 1050
2. After the second month:
Interest accrued: 1050 * 5/100 = 52.5
Total amount owed: 1050 + 52.5 = 1102.5
3. After the third month:
Interest accrued: 1102.5 * 5/100 = 55.125
Total amount owed: 1102.5 + 55.125 = 1157.625
Based on these calculations, we see that after the third month, Kimberly owes more than twice the amount borrowed. Therefore, the least integer number of months after which Kimberly will owe more than twice as much as she borrowed is 3 months.